What is the best loan to fund my college education?
If a Student needs a loan to fund their college education, a student should consider a Stafford loan. The Stafford loans are the most common source of college loan funds. There are two types of Stafford loans, that is, Subsidized and Unsubsidized Stafford loans and both have similar terms.
1. Subsidized loans:
These are "need-based and interest will not accrue on the loan" whilst a student is still in college at least half-time and during grace and authorized deferment periods. The student would become responsible for the interest once the Student has left the College and would need to start paying back their loan.
2. Unsubsidized loans:
These are not need-based, and the student would be responsible for all of the interest that accrues on the loan, including whilst the student is in school.
If you do not qualify for subsidized Stafford Loans, or need more money than the subsidized program can offer, the student may qualify for an unsubsidized Stafford loan, regardless of their family income.