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Federal Loans First: Take Federal Student Loans first! Federal student loans have fixed interest rates and are not based upon your credit. They also have Federal protections and loan forgiveness opportunities that private loans do not. Federal student loans have yearly and lifetime borrowing caps, but these caps are in place to prevent students from leaving college with an undue and excessive debt burden. • Federal Perkins and Subsidized Stafford loans are the safest and most affordable Federal loans and are interest-free while you attend school at least half-time. • If you do not qualify for these programs, the next option is the Federal Unsubsidized Stafford loan, which is available to everyone enrolled at least half-time and is also not credit based. It does accrue interest while you are in school, but the interest rate is fixed. |
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© 2007 Syracuse University. All rights reserved. |