FFEL loans

Federal Family Education Loan ( FFEL loans) comprise a program that encompasses four separate components- Stafford Loans, Unsubsidized Stafford Loans, Federal PLUS Loans and Federal Consolidation Loans.

The first two loans mentioned, Stafford and Unsubsidized Stafford Loans, are both available through the government. The only difference between the loans is that the federal government, based on

the student\'s need, subsidizes one. These loans are available to almost all students at institutions of higher learning within the United States. Characteristics include a low and fixed interest rate, relatively high borrowing limits, no need to make payments while in school, and little consideration of applicants\' credit scores. Additional information and applications can be found at www.staffordloan.com.

Federal PLUS loans are loans taken on by a parent for the purpose of his or her child\'s education. In order to be eligible, the student must be enrolled at least part-time at an institution of higher learning and the parent must pass a credit check. Benefits of this include that the parent helps shoulder his or her child\'s financial burden as a student with a guaranteed low interest rate. Further, PLUS loans may be used to supplement a range of other financial awards.

Finally, Federal Consolidation Loans are loans to help students manage their general debt. The idea is that all of one\'s other loans are consolidated into one loan so that you\'re only paying off one loan at one rate at one time rather than several. While this might be a good option for some in that it makes loan payment more convenient and may mean a lower, fixed interest rate, the cons include an ultimately higher interest rate and cost, and the loss of eligibility for certain debt forgiveness programs.

FFEL Loans are in place to make it possible for all students to attend institutions of higher education. If you\'re interested, read up and find out which specific program is right for you.