There are generally five (5) types of student loans available to students and parents in order to help pay for college:
- Subsidized Stafford Loans – A government loan, usually has the lowest interest rate, but borrowers must meet strict income guidelines. Not available to graduate or professional students.
- Unsubsidized Stafford Loans – A government loan available to all students, regardless of income.
- PLUS Loans – A government loan available to parents with children who are students. Parents must have a good credit history to receive this type of loan.
- Consolidation Loans – A government loan available for borrowers with existing student loans who wish to combine multiple loans, extend payment terms, or both.
- Private Loans – Available to any student who meets the requirements of the private company loaning the funds.
If you are needing assistance with student loan debt, contact our law office at www.Hoorfarlaw.com or 816-524-4949.