The Student Loan Network was developed to provide information and advice directly to students and their families. Your financial aid award package will tell you what types of education loan programs you are eligible to accept. Your school's financial aid office can help you determine which programs are right for your unique situation.
Colleges handle financial aid in different ways.
They can participate in different programs and have different processing deadlines. Both programs are governed by federal regulations that determine the loan programs, loan limits, and repayment options. In the Direct Loan Program, the government provides the loan funds and backs the loans. Keep in mind that federal loans with the lowest interest rates and with the most options for deferring payment are awarded to those with the greatest need. Various loan types are listed below.