<p>I am at such a loss, I can't even begin to say how lost I am. I'm fixing to take out a rather large student loan, and I have several questions.</p>
<p>1) I don't turn 18 until late June, can I still apply for one under my name right now? Or do I have to wait until I turn 18?
2) Can I even qualify for a loan under my name once I DO turn 18, without a cosigner and with no credit history?
3) What in the heck is the difference between a stafford loan and a PLUS loan, and a perkins loan???
4) Is there a limit on how much I can borrow?</p>
<p>I have seriously googled all of this to death, and there are so many websites and information out there that I am unbelieveably overwhelemed. To anyone who answers these questions, words cannot begin to describe how grateful I am to you.</p>
<p>Stafford Loans and Perkins loan are federal loans that are in the student name. You do not need any sort of credit rating or check or cosigner to get them. They are awarded to you by your school as part of a financial aid package.</p>
<ol>
<li><p>Perkins loan. Is a need based loan that the school awards you if they consider you to have need. it is a federal subsidized loan meaning the govt pays the interest for you until you graduate or drop below 1/2 time plus a grace period of 9 months. The interest rate is 5%. it is one of the harder loans to get as it has very limited funding.</p></li>
<li><p>Stafford Loan. This is another federal student loan. All students that are eligible to file FAFSA are eligible for Stafford loans. The Maximum for a freshman is $5500 of which up to $3500 may be subsidized if there is financial need. The unsubsidized portion of a Stafford loan (which can be the whole $5500 if there is no need as determined by the school) starts accruing interest at the rate of 6.8% on the day the loan is disbursed to you. Any subsidized portion has an interest rate of 5.6% (2009-2010 school year) and the govt pays the interest till you graduate or drop below half time.</p></li>
</ol>
<p>If you are eligible for subsidized federal student loans they should have been offered to you in your financial aid award. If you were not offered subsidized loans you are still eligible for $5500 in the unsubsidized Stafford loans.</p>
<p>PLUS loans are parent loans in the parent name. The interest rate is around 8.5% and starts accruing the day the loan is disbursed. If the parent applies for and is turned down for a PLUS loan then the student is eligible for an additional $4000 in unsubsidized Stafford loans.</p>
<p>Outside of these you would be looking at private loans. As you are a student without income and without much, if any, credit rating, you will probably need a cosigner to be able to get any private loans. A cosigner has to be someone with a good credit rating to be able to get the loan. In general the cosigner would be a parent as not only is the cosigner is responsible for paying the loan if you fail to pay it, any late payments on the loan will mess up their credit rating. </p>
<p>Do you not have a financial aid award that tells you what federal loans you have been awarded?</p>