All students, regardless of need, are eligible for the unsubsidized Stafford Loan. All lenders offer the same rate for the Stafford Loan, although some give discounts for on-time and electronic payment. Parents of dependent students can take out loans to supplement the student's aid packages. PLUS loans are the financial responsibility of the parents, not the student. Repayment begins 60 days after the funds are fully disbursed, and the repayment term is up to 10 years.
Some lenders offer a slight discount for automatic payment plans.
Lender considerations You may borrow student loan funds from any participating lender. A listing of guaranty agencies is available at the Department of Education web site. Consider the following before determining your lender. A common offering is an interest rate reduction after a number of on-time payments. You may want to investigate the following web sites as you explore your lending options.