Today loans are the largest form of student aid, making up 41% of the total aid awarded to undergraduates each year. Most students can expect to receive a loan as part of a financial aid package. There are two broad categories of loans: loans based on financial need and loans not based on financial need.
The federal government is the principal provider of need-based loan funds. Your child's award letter will list the type and amount of need-based loans.
Need-based loans usually share three distinct features:
Typical need-based loans are Perkins Loans, subsidized Stafford Loans and subsidized direct loans. For loans based on financial need, the aid office will help guide your child through the process.
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