TYPES OF STUDENT LOANS There are a few types of student loans that you may qualify for. You will have to be careful when applying for student loans, however. Many times if you have received a financial aid package from a college, they will lower the amount of the total package if you apply for a student loan. You may also not receive a full student loan if you have a financial aid package. You will have to ask your financial aid counsellor at the college you are planning on attending if there are special circumstances concerning student loans. For many students if they cannot take advantage of both types of aid, they cannot afford to go to that particular college. Stafford Loans – These loans are available to students who are US citizens or who have become naturalized. Students must have a high school diploma or GED in order to apply. Students must not have any unpaid loans on their record and they must attend school at least part-time in order to qualify for these loans. Stafford loans are loans that are paid out directly by the government to the college you will be attending. You can apply for these loans as an undergraduate, graduate student or PhD student. You can apply for subsidized or unsubsidized loans or both in some cases. You will be responsible for paying these loans back after you graduate.
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