Perkins loans - for students that will be enrolled at least half-time. Undergraduate and graduate loans are available. This loan has a fixed rate. Interest begins to accrue at repayment.
Subsidized Stafford loans – you must be enrolled at least half-time. You can get increasing loan amounts depending upon your class (freshman, sophomore, etc.). Subsidized loans are available for undergraduate and graduate students who show financial need. There are variable loan rates with a cap. The federal government pays the interest on subsidized loans while a student is in school or in deferment. There is a maximum loan amount you can borrow.
Unsubsidized Stafford loans – you must be enrolled at least half-time. These loans are available to students regardless of financial need and are available to undergraduate and graduate students. These loans have a variable loan rate with a cap. The student is responsible for all interest accrued. There is a maximum loan amount you can borrow.
PLUS loans – for parents of dependent undergraduate students who are enrolled at least half-time. Student can borrow the cost of education minus any other financial aid received. There is no maximum cumulative loan amount you can borrow. PLUS loans have a variable loan rate with a cap. The parent is responsible for all interest accrued.
Military loans – if you're in the military, you may be eligible for tuition reimbursement or student loan repayment assistance according to the Montgomery G.I. Bill. Talk to your recruiter to get all the details.
There are other college funding options available through Metro Credit Union. Check out Metro’s home equity line of credit, which will allow you to borrow money as you need it. The interest may be tax deductible. No matter what your college funding needs are, remember, Metro Credit Union is here to help!
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