Loans

If you are an undergraduate student or a parent, you can borrow money to help pay for school. Both the federal government and private lenders offer loans.

• Federal Direct Loans do not require a credit check. They have fixed interest rates and give you six months after graduation before you need to start repaying. If you qualify for subsidized loans, the government pays the interest while you are in school.
• Federal Parent PLUS Loans let your parents borrow up to the full cost of your education at a fixed interest rate, but a credit check is required. Repayment usually starts 60 days after the loan is fully paid out, unless your parents request a deferment.
• Private education loans are available from banks and credit unions. Each lender sets its own rules and terms. These loans do not have the same protections as federal loans, so it is important to compare your options carefully.

Get the details on undergraduate student loans

As a graduate student, you may be eligible for federal and private loans, each with specific eligibility criteria, borrowing limits, and repayment terms.

• Federal graduate student loans are issued by the US Department of Education. They usually have fixed interest rates, flexible repayment plans, and protections such as deferment, forbearance, and income-driven options. Federal loans are often the best place to start when you need to borrow.
• Private graduate loans are credit-based, may require a co-signer, and have terms that vary by lender. Carefully compare interest rates, fees, and repayment options when you consider private loans.

Learn more about loans for graduate students