Information on Stanford Student Loans
A college education can be a big investment resulting in a lifetime of benefits. Stanford University offers several types of financial aid including scholarships and grants, but student loans can help fill the gap when other resources don't cover the full cost. Stanford's financial aid office provides several types of student loans with features such as low interest rates, deferred payments while in school and no credit check.
Other People Are Reading
-
Federal Perkins Loan
-
The Federal Perkins Loan is a low-interest loan provided to students based on financial need, which is determined by the U.S. Department of Education. No credit check is required for qualification, and no payments are required while in school. Undergraduate students may be eligible for up to $4,000 per academic year, and graduate students up to $6,000 per academic year. The loan is interest-free while in school, with a fixed interest rate during repayment.
Federal Direct Loans
-
Federal Direct Loans are loans from the U.S. Department of Education that are either subsidized or unsubsidized. Subsidized loans are interest-free while a student is in school at least half-time. Unsubsidized loans accrue interest while the student is in school. The borrowing limits vary depending on a student's class level. No credit check is required for either the subsidized or unsubsidized loan. No payments are required while a student is in school (see Resources).
-
Federal Direct PLUS Loans
-
Federal Direct PLUS Loans require a credit check to qualify, which makes them more suited for graduate students or parents of undergraduate students with a good credit history. Parents of undergraduate students must be the student's biological or adoptive parent, and the student must be a dependent. The Direct PLUS interest rate and loan fees are higher than the other federal loan options. The maximum loan amount is determined by the total student budget determined by Stanford, minus the amount of funding from other resources (see Resources).
Private Loans
-
Private loans are also available to Stanford students, which can be used in addition to federal loans. A credit check is required for private loans, and the fees are typically higher than federal loans. Private loans typically have variable interest rates, which could result in higher payments if interest rates rise. The Association of Independent California Colleges and Universities provides an online learning center for Stanford students to learn about the different private loan options (see Resources).
-
References
Resources
- Photo Credit stanford university stadium from the plane image by Albo from Fotolia.com
