<p>I'm beginning my freshman year of college in the fall, and, like so many other families at this point, my family really needs to stretch things money-wise in order to pay for my education. I received a generous financial aid package, complete with grants, loans, scholarships, work-study, but in order to pay the remaining amount I will need to take out some other loans in addition to those included in my package. Now, I'm not even going to pretend I know too much about this, so if anybody has information to share about what loans I can get (Stafford, subsidized, unsubsidized, etc) and how much I can get I would be very indebted to you...</p>
<p>Thanks!</p>
<p>The Stafford loans should have been included in your financial aid package. This is the place to start for any borrowing that needs to happen.</p>
<p>Your parents may be eligible for a PLUS loan, but I’m not crazy about them. They are credit based loans, and do not have the best rates or payment terms. The upside of PLUS loans is if your parents are turned down, then you qualify for more Stafford loans.</p>
<p>Other loans include Perkins, which if you qualify and the school participates would have been in your financial award as well.</p>
<p>Then there are all the secondary education loans from SallieMae, NelNet, Wells Fargo, Discover, Citi, Bank of America, etc. These are credit based loans that typically the student applies for with a credit worthy co-signer (parents in most cases). You can put up to 100% of your out of pocket costs into these type loans if need be (not recommended in many cases).</p>