<p>I did the CSS profile and the FAFSA. My school told me that I was judged not to require aid and my FAFSA EFC was 54k, the full cost of tuition and fees. </p>
<p>Now I need loans. I have alot of questions!</p>
<p>What types of loans are available for me?
Which ones have the lowest interest rates?
What are the borrowing limits?
When should I apply for loans?</p>
<p>Thanks so much for explaining.</p>
<p>The reality is, as far as federal aid is concerned, you will only be eligible to borrow $5500 unsubsidized Stafford as a freshman. This is a loan at 6.8% interest. The interest begins to accumulate when the money is disbursed to you. You may repay the interest as you go or capitalize it into the loan (paying interest on interest as you repay the loan+interest). The loan/interest do not have to be repaid while you are in school. Repayment begins 6 months after you graduate, leave school, or drop less than half time in school. </p>
<p>You other alternatives for the rest of the money are a parent PLUS loan (8.5% interest, in your parents' name, requires a credit check) and/or a private educational loan (search CC threads for info on lenders - these are relatively difficult to get these days).</p>