Types of educational loans available
Paying for your education is a significant financial commitment and investment. Before taking out student loans, make sure that you exhaust all other types of funding such as scholarships and grants. Once these options are exhausted, you may still have a gap in funding for which student loans may fill.
A concept of a loan is straight forward: money is borrowed which needs to be repaid. However, it is important to understand all the terms, conditions, and language that is associated with your loans. A deeper understanding of your loans will result in healthy and smarter loan borrowing.
Direct loans are low interest loans offered by the Department of Education for students to help pay educational costs.
Biological or adoptive parents of dependent students may apply for additional loans to assist you with educational costs.
Private loans are educational loans from other lending institutions and not from state or federal government agencies.
Other items associated with student loans: