Federal Student Loans
What Are Federal Student Loans?
Federal student loans for college are student loans facilitated by the US Federal Government. Federal student
loans are among the most popular and most sought after student loans
for college. Most financial experts recommend that a federal student loan should be the first type of loan
a college student applies for.
Prior to July 1st of 2010, banks and financial institutions could provide federal student loans that were guaranteed against default by the US Department of Education through the federally-guaranteed student loan program. After July 1st of 2010 all federal student loans are provided through the Direct Loan Program, where the funding comes directly from the federal government.
Applying for federal student loans is done by filing a FAFSA (Free Application for Federal Student Aid). Filing a FAFSA is free and only needs to be done once per academic year. Once you have filed your FAFSA, you will receive a SAR (Student Aid Report) which will outline the federal student loans you qualified for and at what amounts.
There are three main types of federal student loans:
Federal
Stafford Loans,
Federal Perkins Loans, and
Federal PLUS Loans. You can read more about each specific federal student loan by clicking on the each loan type, or you can continue to the next page to learn what makes federal student loans different from private student loans.
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