A Government Student Loan For Undergrad Or Grad School

Both undergraduate and graduate students have a wide variety of college student loan options to choose from that will help them pay for school. Parents also have their fair share of college student loan options so they can take the borrowing burden off their children's shoulders. The government student loan options are usually the best options, although there are other alternatives if those do not suffice.

Undergraduate students can apply for a Stafford student loan from the federal government, which is based on financial need. In order to apply for the Stafford student loan, undergrads must fill out a Free Application for Federal Student Aid, or FAFSA. Students must be enrolled at least half time to qualify for this type of college student loan, but those who qualify will receive a number of lending benefits. A Stafford student loan carries a fixed interest rate, and the repayment does not begin until six months after graduation. The government also pays the interest on a Stafford student loan while the undergrad is still attending college, but they do carry a fee. Another type of government student loan is the

Federal Perkins loan, which is only awarded to those with great financial need. This government student loan offers a longer grace period and carries no fees, but other than that they are generally similar to the Stafford student loan. Perkins loans do require satisfactory academic progress, though. A Perkins college student loan is actually a mixture of funds from the government and the participating school.

Parents are also eligible for the Parent PLUS government student loan to pay for undergraduate education for their children. These loans have a 60 month deferment period calculated from the final disbursement of the college student loan, and the interest paid is tax deductible.

This college student loan does not have income or collateral requirements, but does rely on good credit standing. This is a good options for parents who want to be able to support their children through college but do not have the savings at the moment. Graduate student loan options are also available for those who choose to continue their education past the bachelors degree. Federal and private college student loan packages can help grad students with the entire cost of a business, law, or medical education.

There is also a Stafford graduate student loan much like the undergrad program, and Graduate PLUS loans for parents. A PLUS graduate student loan will have a set 3 percent fee and 8.25 percent maximum interest rate. In most cases, a graduate student loan is only available with satisfactory progression through an education program and continued enrollment. Students and parents have a variety of college student loan options to choose from, and those listed above are just a partial list. Whether it is a bachelors degree or PhD program, there is a government student loan out there to make it happen.