<p>Can somebody give me or post a link that just outlines in basic form (chart, etc) the different types of loans (Federal, sub non-sub, PLUS, etc), limits of loan per year, etc that are out there?</p>
<p>Thank you.</p>
<p>[Student</a> loans in the United States - Wikipedia, the free encyclopedia](<a href=“http://en.wikipedia.org/wiki/Student_loans_in_the_United_States]Student”>Student loans in the United States - Wikipedia)</p>
<p><a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid;
<p>thank you!</p>
<p>Is Stafford loan just another way of saying “federal” loan?</p>
<p>^^^</p>
<p>yes, when talking about the typical student loan found in a FA pkg. But there are also Perkins loans, which no one can count on getting. </p>
<p>Plus loans are federal loans, but again, those aren’t loans that the student takes out.</p>
<p>Great link. It’s all there.</p>
<p>Basically, all students who get through the FAFSA vet (citizens,no drug convictions, academic eligibility, etc) are entitled to take out a Stafford Direct loan of $5500 freshman year. Up to $3500 of this can be subsidized if the student has defined need that is not met from other sources. Defined need is the official Cost of Attendance (COA) minus the FAFSA Expected Family Contribution (EFC). If a student has defined need and doesn’t get any finanical aid or scholarships, he has the subsidized and unsubsidized Staffords as long at the need does not exceed the $3500 and the COA does not exceed $5500.</p>
<p>What happens when a student applies for financial aid from a school, is that most school will present these Staffords as their own aid even though it is coming from the federal government and the student can get it for just about any college. Most schools do not met full need, and even those that do , will use at least the subsidized Stafford as a base for the financial aid package. If a student is lucky enough that a college does not do that, and gets full need met by a college, the Stafford loans can be used on an unsubsidzed basis towards the EFC.</p>
<p>If a parent tries to take out a Parent DIrect Loan (PLUS) and is denied, a student gets an additiona $4K of unsubsidized Stafford loans he can take out.</p>
<p>The Stafford limits go up a bit for upper classmen.</p>
<p>That is it for a guaranteed loan from the government, and what filling out the FAFSA makes available. Any other loans are either at the discretion of the school, your state, or private venues and are not aways available everywhere, and may require applicaiton for qualification. The PLUS iis such a loan. THough you have to have filled out FAFSA in order to get one, you (the parent) has to apply and can be turned down if there are unpaid overdue billls out there on the credit report.</p>