U.S. Department of education and National student loan center(NSLC) provides various types of financial aids and loans for the purpose of education and research. These are non credit based student loans. When the cost of higher education is booming, Federal loan programs assumes significant importance. Following are different types of federal loans :
1. Perkins Loan :
They are provided to both graduate and undergraduate with interest bearing of 5%. Loan limits for a Perkins loan are $20,000 for two years of undergraduate study and $40,000 for graduate school.
2. Stafford Loan :
They are provided at lower fixed interest rates. Both graduate and undergraduate student are eligible to it subject to enrollment in the school of at least half time. Loan limits are $20500 depending upon the degree status and year in the school.
3. Federal Parent loan for Undergraduate Students(PLUS) :
These types of loan are available to parents and guardians of dependent undergraduate students. The dependent student must be enrolled for at least half the time at school. They are available at variable Interest rates.
For More Information on Federal Loan Program Information,