1. Federal Stafford loans: This kind of federal student loan is the most used by the students and there are two kinds of which are subsidized and unsubsidized loans. In subsidized loans, this is based on the need of the student and the interest will not accrue while the student is still in school. The interest will only apply after six months upon graduating. On the other hand, the unsubsidized loan is the opposite and you need to pay the interest while still in school. If subsidized loan cannot meet your financial needs then you can go for the unsubsidized loan no matter what you family income is.
2. Federal Perkins loans: This most used federal student loan has a 5% low interest rate that is available for both graduate and undergraduate students. Though this can only be given to those who really needs it and in financial crisis. There are also several criteria that must be met to be able to have this kind of loan. The funds for this loan are obtained from the school funds and the federal loan. The loan will be given by the school to you usually through checks and sometimes it will be directly used for your school expenses.
3. Federal Parent PLUS loans: This federal student loan is granted to the parents of an dependent student and undergraduate. No matter what the financial status of the family, this loan can still be granted and without any collateral. But credit check is still conducted.

Let SimpleTuition find the right student loan for you.

Almost all students can avail of the benefits of federal student loan programs, it does not matter what your credit score is and your financial standing. These kind of loans were made to help people who have limited financial resources for college.

The two major federal student loan programs are William D. Ford Federal Direct Loan Program (FDLP) and the Federal Family Education Loan Program (FFELP). There are some universities who participate in FDLP and offers similar terms with FFELP though the funds are borrowed from the US Department of Education.

On the other hand, FFELP can be obtained from private banks, education finance organizations and credit unions. This kind of loan has great terms which are:

• Lower interest rates that are rarely seen from other loans.
• The federal government can pay for your interest payments while the student is still in school.
• Payments for the loan may not be made while student is still in school.
• Longer re-payment terms.
• Flexible credit requirements can be made available to the student.

These two major kinds of federal student loan programs both offer six months grace period. This means that after the student has graduated he is given six months before he starts paying back the loan. The student may not also payback the loan until he is less-than-half-time student.

So, no matter what kind of loan you get the important thing is that your future being a college student and graduating will not be lost.

Search for student loans from competing lenders at SimpleTuition