What Are the Different Loan Options?
What are the different loan options? Broadly speaking there are two types of student loans: Federal Loans and Private Loans. Federal Loans, which are administered directly through the U.S. Department of Education, are commonly known by such names as Direct Stafford, Plus, Perkins, and Nursing. Private education loans are offered by some lending institutions and do not adhere to government set interest rates or terms. Although private education loans are in the student’s name it is important to mention that they generally require a credit worthy co-signer, and the interest rates are usually variable.