It is best to work out your own budget, realizing that some college costs such as food and personal expenses may be similar or only slightly higher than those same pre-college expenses. Also, determine how much you can afford to pay now on a cash basis. Borrow only what you need to make up any differences. Moderate interest loans awarded directly to students are available through many state agencies and private lenders. These loans are federally guaranteed and no interest accrues, nor is any payment due, until six months after the student ceases to be at least a half-time student.
Separate application is required.
Federal Perkins Loan Federal funds given to the college are awarded to students demonstrating high need. No interest accrues and no payment is due while the student is enrolled at least half-time. Repayment begins nine months after the student ceases to be at least a half-time student. Available to all students regardless of need. Loan amounts are the same as for the need based subsidized program.