federal loansContent provided by Sallie Mae's CollegeAnswer.com |
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Federal programs are the single largest source of college loans. The two main programs are the Federal Family Education Loan Program (FFELP) and the William D. Ford Federal Direct Loan Program (FDLP).
You can apply for a FFELP loan through many private banks, credit unions, or education finance companies. Although your school might recommend specific institutions, you're free to get your student loan from any participating financial institution.
This loan has very attractive terms:
- You'll get lower interest rates compared to other loans.
- Your interest payments may be paid by the federal government while you're in school.
- You may not need to make loan payments while you're in school.
- You get longer repayment terms.
- You may benefit from flexible credit requirements.
Some schools participate in the Federal Direct Loan Program, where you get loans with the same terms as FFELP loans, but you borrow from the U.S. Department of Education.
Widely used federal education loans
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