Education loans have to be repaid once you complete or stop your education. They naturally cost more than grants as interest is added every year to the amount you borrowed (but not before you stop or finish your education). Remember, a loan is for your education and you should consider it as an investment for your future instead of a bill. Keep in mind that having a degree or an advanced degree will help you solidify your future by having a higher salary and more interesting job opportunities.
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Plus Loans are now available since July 1st 2006 for graduate students. The maximum amount that can be borrowed is based on the cost of school fees minus any financial aid received from FFEL and Direct Loan programs. Example, if you receive $6,000 in FFEL and your attendance cost is $11,000 you could receive up to $5,000. |
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Parents can get a Plus Loan to help pay for your schooling if you are considered a dependent undergraduate studying at least half time at an eligible school. |
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Stafford Loans are also known as Federal Family Education Loans (FFEL) and William D. Ford Direct Loan (Direct Loan). The main difference between the FFEL and Direct Loan is that under FFEL, funds come from a participating bank while the Direct Loan comes from the Federal Government. Eligibility, rules and the amount you can receive is identical for both programs, only the repayment plans are different. |
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Perkins Loans are low interest loans awarded to students with financial difficulties in order to finance the cost of their postsecondary education. Perkins Loans can be used in almost any postsecondary school. Each school is responsible for determining who will receive the loans and what amount will be given. |
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Education grants 
