Student loans are one of the three major categories of education loans. An education loan is a form of financial aid that must be repaid, with interest. Few students can afford to pay for college without some form of education financing because of rising costs of tuition and other expenses. There are many options for student loans which include the Federal Stafford and Federal Perkins Loans.
The Federal Stafford loan comes in two types including the Federal Family Education Loan Program (FFELP) and the Federal Direct Student Loan Program (FDSLP). Stafford loans are either subsidized or unsubsidized. Subsidized loans are need-based and students will not be charged interest before they begin repayment or during periods of deferment. The federal government finances the interest during these periods of times. While, unsubsidized loans are not based on financial need and students are responsible for all of the interest that accumulates on the loan, including while they are in school.
One of the best available student loans are the Federal Perkins Loans, which are low-interest (5%) loans offered by the U.S. Department of Education to assist students in need of financial help to pay for the costs of postsecondary education. The Federal Perkins Loan is subsidized by the government; therefore interest does not begin to accumulate until the borrower begins to repay the loan.
Student loans are available for students looking to acquire their university degree from an accredited school.