A quick education on federal loans.
- Stafford Loans: Stafford loans are low-interest loans made to students for the cost of education, minus any financial aid. There are two types of Stafford loans.
- Subsidized Stafford Loan - the federal government pays the loan's interest while the student is in school at least half-time. These loans are based on family need.
- Unsubsidized Stafford Loans - made to students no matter what their family's need or income level; however, the interest is paid by the student and not the federal government.
- PLUS Loans: PLUS Loans are made by the federal government and allow parents and graduate students to borrow money up to the cost of education, minus any financial aid. Financial need is not a requirement, but credit guidelines apply in determining eligibility.
For more information about PLUS Loans, visit the U.S. Department of Education Web site.
If federal loans, scholarships and grants don't cover all of your college expenses, SunTrust offers private loans.