Federal and private loans are need-based financial aid that must be repaid, sometimes with interest. Federal loans include the Direct Loan, Parent PLUS Loan, and more. Some federal loans don't accrue any interest while you're still a student. Private loans are another option to help you pay for the remainder of your education. A few options include:
Federal Direct Loans
Federal Direct Loans are low interest rate loans all students can apply for, provided they have filed a FAFSA and meet the criteria to receive federal aid.
Federal Parent Plus Loan
The federal Parent PLUS Loan is a credit-based loan for parents (or step-parents) of dependent undergraduate students. A FAFSA is now required to apply for a PLUS loan.
Federal Nursing Student Loan
The Nursing Student Loan is a federally subsidized, low-interest rate loan for students accepted and enrolled in the PLNU nursing program who demonstrate exceptional financial need. Pre-nursing students are not eligible.
A private loan is a loan of last resort. A student should apply for a private loan after all federal loan options have been exhausted, including the Parent PLUS Loan. It is advisable only if you have no further eligibility for other loan programs and you need more funding. This type of loan is based on your credit.
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