Meet Cost

Loan Pros and Cons

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Pros Loan Product Cons
Pros Loan Product Cons

No Credit Checks
since the funds are guaranteed by the federal government, your credit report is not used in qualifying you for the loan: see qualification parameters


Low Interest
federal student loans are fixed rate loans that remain fixed for the entire term of the loan; current rates are lower than most other financing options: view interest rates


Flexible Repayment Plans
student loan payments do not have to be repaid until 180 days after you leave or graduate from school. The federal government offers flexible repayment plans that can fit your budget. You can even consolidate your federal loans into one, low repayment plan: view our student loan consolidation center for information

 

Stafford Student
Loans

 

Student Financial Aid Center

 

Special Benefits
Through Our Partner

Low Amount Limits
the biggest disadvantage of stafford loans is the limited loan amounts -- only $2650 for first-year students. Very small amounts considering the cost of education: see loan limits


Requires Federal Filings
you must file the FAFSA form with the federal government in order to apply for stafford loans. The FAFSA filing is used by colleges to determine your financial aid award: see FAFSA file


Multiple Borrowings
you have to file and apply for a loan for each academic year.


Limited Use of Funds
your stafford loan is processed by your college to pay tuition, books, and housing. You cannot use your loan to pay other education-related expenses.

Pays the Entire Cost
parents can borrow up to the total cost of education minus any financial aid received by the student: see product information


Now Available for Graduates and Professionals
graduates and professional students can borrow on their own behalf up to the total cost of education minus any financial aid received: see product information

 

Low Interest
federal PLUS loans are fixed rate loans that remain fixed for the entire term of the loan; current PLUS loan rates are about the same as most other financing options: view interest rates

 

Flexible Repayment Plans
The federal government offers flexible repayment plans that can fit your budget

for parents: loan payments begin 60 days after disbursements have been made to the school.

for graduates: payments are deferred until after graduation.

 

PLUS Loans

for parents
for graduate students
for professional students

 

Student Financial Aid Center

 

Special Benefits
Through Our Partner

Loan Must be Repaid by the Borrower
the loan is underwritten for the parent or graduate; the parent or graduate is responsible for repaying the loan

 

Requires Federal Filings
you must file the FAFSA form with the federal government in order to apply for PLUS loans: see FAFSA file

 

Credit Check Required
in order to qualify for the loan, you must pass a credit check as set by the federal government

 

Multiple Borrowings
you have to file and apply for a loan for each academic year.

 

Graduates Must Use Stafford Loans First
graduates and professional students must first apply for the annual loan maximum eligibility under the Federal Stafford Loan Program before applying for a Graduate/Professional PLUS loan.

This will give you many different loans that you will need to manage: use our loan tracking sheet to manage both stafford, PLUS and other loans.

Fills the Gap
since the cost of college can be higher than most financial aid awards, private student loans are used to fill the gap between cost of education and financial aid received

 

Quick Processing
unlike federal loans that are processed through the college, the processing and distribution of funds is through the student thus speeding up process time: see product information

 

Availability of Funds
private student loans can be used for more education-related expenses such as personal computers and other related supplies

 

No Federal Filing
you do not have to file forms with the federal government in order to apply for private student loans. Private student loans are perfect for students who need additional funds to close a gap or pay for additional study

 

Private Student
Loans

 

Student Financial Aid Center



or dial
1-866-230-4578

Credit Check Required
you must have a credit history and verifiable income in order to qualify for this loan; since many students do not meet these qualifying parameters, a co-applicant may be required on the application

 

Higher Interest Rates
private student loans have a higher interest rate than federal student loans: see product terms and rates

 

Multiple Borrowings
you have to file and apply for a loan for each academic year.

 

 

Total Independence
you do not need to file federal forms or work through the college processing systems; you simply use your home equity loan to pay all related college expenses (up to your assigned credit limit): view product information

 

Low Interest Rate
depending on your LTV position, your interest rate can be as low as the PRIME rate or lower: see home equity rates

 

Flexible Repayment Plans
you can use your equity line to draw upon funds as needed while the student is attending school. At time of graduation, you can convert the equity line over to a fixed, rate home equity loan with repayment terms that fit your budget.

 

One-Time Application
you only apply once for your home equity line; you can draw upon available funds anytime you need money regardless of student's time in school

 

Use Funds for Anything
you can use your home equity for any expense; you are not restricted on use of funds

 

Home Equity
Loans

 

Student Financial Aid Center

Credit Check Required
you must have a credit history and verifiable income in order to qualify for this loan. You must also have enough equity value in your home to secure your loan: calculate your LTV value

 

Home Is Your Security
your home equity is secured by the equity value of your home; you could potentially lose your home if you defaulted on your loan payments

 

Rate May Be Higher
depending on your LTV position and amount borrowed, your interest rate may be slightly higher than PLUS loan rates:

 

Funds May Be Limited
the amount you can borrow depends on your LTV value of your home; if your equity value if low, you may not have enough borrowing funds to pay for college expenses: calculate your LTV value