ABOUT STUDENT LOANS
Seven out of 10 college students take out student loans during their college years. Are you one of them?
The US Department of Education, state governments, and private lending institutions all offer student loans. Here’s a rundown along with links to pages that provide more information about each type of loan.
Federal Direct Loan Program (FDLP) loans include Direct Subsidized, Direct Unsubsidized, Direct PLUS (for parents of dependent undergraduate, graduate, and professional students), and Direct Consolidation loans.
Federal Perkins Loans are available for undergraduate and graduate students with exceptional financial need. These loans have a lower interest rate than Direct Unsubsidized loans.
Many states offer their own student loan programs. Texas student loans are available through the B-on-Time Loan Program and the Texas College Access Loan (CAL) Program.
Private loans, also known as alternative or nonfederal student loans, are made by private lending institutions. Consider private loans only when your income, savings, and other financial aid, including federal loans, don’t meet the cost of attendance.
This program is discontinued. If you borrowed for college before 2011, you might have borrowed under the Federal Family Education Loan Program (FFELP), but, effective July 1, 2010, no new loans were being issued under that program.
While most loan servicers will notify you of the date your first payment is due, it’s your responsibility to make payments on time. Get answers to your repayment questions from our repayment FAQ.
When your loan defaults, you’re considered in violation of your loan agreement, and your lender or servicer can request immediate payment in full. Get answers to your questions about student loan default in our default FAQ.