Stafford Loans are more common than Perkins Loans, the other type of federal student loans.
Some students may also be eligible for private loans or health professional loans, depending on their credit standing and area of study, respectively.
If the combination of paying off credit card debt, auto loans and student loans becomes overwhelming, a debt consolidation plan could ease your financial difficulties.
If you’re a medical student, you have the highest limits.
You may borrow up to $40,500 annually and $224,000 in total.
Most go to students whose families’ annual income is less than $50,000.
If you’re an undergraduate, the maximum annual amount of a subsidized loan depends on your year in school.
Private student loans have some conditions and terms — very good credit or a co-signer needed – that make them difficult.
The interest rates usually are higher than those on federal loans and there are some involved that aren’t part of federal loans.
Freshmen can borrow up to ,500; sophomores ,500; and third-year students and beyond can borrow up to ,500 in subsidized loans.
You cannot accrue more than ,000 in subsidized Stafford Loans throughout your undergraduate studies.
If your loan is subsidized, you won’t be responsible for making any payments until after you graduate.