INVESTOR'S BUSINESS DAILY 's website, Investor.com, recently had an excellent article on Federal student loans explainning the programs and tips on how to use them wisely.
Not mentioned in the article is the fact that Federal Direct Student Loans are available to undergraduate and graduate students. Be aware though, that graduate students are no longer eligible for subsidized Direct Student Loans. This means that grad students are responsible for paying the interest on their loans while in grad school. Students may defer their interest payments until they graduate or leave college/grad school. The interest will be capitalized (added to the loan balance), which makes the loan more expensive. The government picks up the interest for undergrads while they are in college.
Perkins Loans are a great option for students who qualify as the interest rate is 5%. Colleges and universities generally have a limited amount of Perkins funds available and funds are prioritized for the neediest students.
To read the full article go to: How To Pick The Best Student Loan For Your Needs
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