The loan is repaid in monthly payments after you complete your education. Stafford Loans are low interest loans made by a lender such as bank, credit union, or savings and loan association. They are insured by a guarantee agency in each state and reinsured by the federal government. Like Perkins loans, these are repaid in monthly payments after you complete your education. They have variable interest rates, adjusted each year.
PLUS loans are for parents who want to borrow to help pay for their children's education.
SLS loans are for student borrowers. You don't have to show financial need for either loan and, generally, repayment of principal and interest begins 60 days after the last loan disbursement. Scholarships are available through most colleges for outstanding performance in athletics, academics, or the arts. Fraternal, service, educational, and social societies like the American Association of University Women, Elks, Rotary, Kiwanis, Sertoma, or Lions often provide grants that don't have to be repaid for local students. The Veterans Administration has money available for some veterans and their dependents.