What are the two types of student loans?

admin

Generally, there are two types of student loans—federal and private.

  • Federal student loans and federal parent loans: These loans are funded by the federal government.
  • Private student loans: These loans are nonfederal loans, made by a lender such as a bank, credit union, state agency, or a school.

>> Click to read more <<

Subsequently, how do I tell what type of student loan I have?

To figure out a loan type, borrowers can visit the federal government’s website studentaid.gov, log on with their FSA ID, and access their student-loan information by going to their account dashboard and selecting “View Details.” Under Aid Summary, you will find a loan breakdown section where your loans will be grouped …

Likewise, people ask, what are the 3 types of student loans? There are three types of federal student loans:

  • Direct Subsidized Loans.
  • Direct Unsubsidized Loans.
  • Direct PLUS Loans, of which there are two types: Grad PLUS Loans for graduate and professional students, as well as loans that can be issued to a student’s parents, also known as Parent PLUS Loans.

Considering this, what are the 4 types of direct loans?

There are four types of Direct Loans:

  • Direct Subsidized Loans.
  • Direct Unsubsidized Loans.
  • Direct PLUS Loans.
  • Direct Consolidation Loans.

What are the 4 types of student loans?

There are four types of federal student loans available:

  • Direct subsidized loans.
  • Direct unsubsidized loans.
  • Direct PLUS loans.
  • Direct consolidation loans.

2 Related Question Answers Found

What is classified as a student loan?

A “qualifying loan” is a loan you took out solely to pay qualified education expenses that were: Paid or incurred within a reasonable period of time before or after you took out the loan, and. … For education provided during an academic period for an eligible student.

What is the most popular type of student loan?

A Quick Guide to the 4 Most Common Federal Student Loans

  • Perkins Loan — 5 percent fixed interest rate. …
  • Direct Subsidized Loan — 4.66 percent interest. …
  • Direct Unsubsidized Loan — 4.66 percent for undergrads, 6.21 percent for grads students or professionals. …
  • Direct PLUS loan — 7.21 percent.

Leave a Comment

Review for Loans

We are willing to show you that there is a number of products and services with their advantages and drawbacks. We want to teach you to compare the best offers you can really benefit from.

Useful Links

Our Policies

Disclaimer: This platform is a free online resource aimed at assisting people with making smart financial decisions and choosing the most appropriate solutions tailored to their finance-related needs. Review for Loans provides professional research, comparison, reviews and unbiased opinions on multiple financial topics. We strive to keep the information on the website up to date and accurate. Although the information we share is based on thorough research, it doesn’t constitute solely professional or legal advice, thus shouldn’t be treated as such.

To keep the website free and continue providing valuable content, we get compensation from the companies listed and/or featured on the site. The compensation rate may impact the way the offers appear on the site. Review for Loans doesn’t include all available offers and/or companies.

The authors’ and/or editorial opinions are solely their own and are not provided, endorsed, reviewed and/or approved by the offer issuers and/or companies we get compensation from. Our content may differ from the information you get from the financial institutions issuing offers. We present the products and services without warranties. When you choose to click on the offer, you agree to be directed to the issuer's site where you can and should review the terms of use.

© 2022 Review for Loans