Check out our Loan Forum and Blog to start learning the basics.

The Definition of Need mentioned at right refers
to your individual situation determined in your Student
Aid Report (SAR), which you receive after filing the FAFSA. Yearly Limits on the Federal Stafford Loan are:

* Dependent Freshmen
$2,825

* Dependent Sophomore
$3,700

* Dependent Junior & Senior $5,500

* Independent Freshman $6,825

* Independent Sophomore
$7,800

* Independent Junior
and Senior
$10,900

* Independent Graduate
or Professional
$19,000

Stafford Loans - Federal Stafford Loan Consolidation

Federal Stafford Loans for a DEPENDENT student are a
need-based federally guaranteed loan for the student. The interest is paid by the
U.S. Department of Education while you are in school. This is referred to as a "Subsidized" loan.  Repayment begins six months after you graduate,
leave school or drop below half-time status.

Federal Stafford Loans for an INDEPENDENT student are a federally guaranteed loan for the student based on preference to borrower regardless of need. Student is responsible for interest, which accrues while in school. This is referred to as an "Un-Subsidized" loan. Repayment begins six months after you graduate or drop below half time student enrollment status.

With Federal Stafford Loans, the money is sent to the controller’s office at your school, where you sign it over to the school and they apply it toward your tuition, balance, etc. Private student loans are sent to you. After reviewing several private loan lenders, we identified what we feel are trustworthy private loan directories and lenders that provide excellent customer service and offer some of lowest interest rates:

Citibank - www.studentloan.com - Citibank Student Loans

School Loan - Provides information and application access for school loans

A new type of loan that has emerged is the Private Student Loan. Also known as an alternative student loan, a private student loan is a credit based student loan that covers everyday college expenses that federal Stafford loans do not.