What types of federal student loans are there and how much can I borrow?

Types of loans:

• Federal Perkins Loans are:

--Made through participating schools to undergraduate, graduate and professional degree students.

--Offered by participating schools to students who demonstrate financial need.

--Made to students enrolled full-time or part-time.

--Repaid by you to your school.

• Stafford Loans are for undergraduate, graduate and professional degree students. You must be enrolled as at least a half-time student to be eligible for a Stafford Loan.

There are two types of Stafford Loans: subsidized and unsubsidized. You must have financial need to receive a subsidized Stafford Loan. Financial need is not a requirement to obtain an unsubsidized Stafford Loan. The U.S. Department of Education will pay (subsidize) the interest that accrues on subsidized Stafford Loans during certain periods. These loans are made through one of two U.S. Department of Education programs:

• PLUS Loans are loans parents can obtain to help pay the cost of education for their dependent undergraduate children. In addition, graduate and professional degree students may obtain PLUS Loans to help pay for their own education. These loans are made through both the Direct Loan and FFEL programs mentioned above.

• Consolidation Loans (Direct or FFEL) allow student or parent borrowers to combine multiple federal education loans into one loan with one monthly payment.