Alabama Student Loan Program | Student Loans Facts and Figures

Student Loan Facts & Figures

Student Loan Glossary	Federal Stafford Loan
Tips for Student Loan Borrowers	What's an MPN?
Types of Student Loans	Federal PLUS Loan (for Parents and Graduate/Professional Students)
Choose the Lender That's Right For You	Federal Consolidation Loan
Loan Deferment Forms

Types of Student Loans

Each school that participates in a student loan program has an agreement with the U.S. Department of Education to offer Federal Family Education Loans and/or Federal Direct Student Loans. The loan program available to you will depend upon the school you attend. Check with the financial aid office of the school you've selected for more information. By law, terms (interest rates, fees, etc.) for the Federal Direct Student Loan Program and Federal Family Education Loan Program are generally parallel.

There are three types of loans under each program to help students with their higher education expenses—Federal Stafford Loan (subsidized and unsubsidized), Federal PLUS Loan (for parents and graduate/professional students), and Federal Consolidation Loan. The Federal Stafford and Federal PLUS loans are available to help with your education while you are in school. When you are finished with school, you may want to consider a Federal Consolidation Loan if you borrowed from multiple lenders or under multiple loan programs.

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