Federal Loans and Work Study

The Federal government offers a variety of loans, including Federal Direct Loans, Federal Perkins Loans and Federal PLUS Loans for parents and for graduate students. You can also get a job through the Federal Work-Study Program to help finance your education.

Some loans are based on financial need. These federally-guaranteed loans are offered at low interest rates and should be considered first.

Before you apply for any loan, be sure you get all the free state and federal money that may be available to you. You should also take advantage of all the available government tax credits and deductions.

Remember, a loan must be paid back – with interest - so use loans wisely.

Federal Loans and Work Study Quick Reference
Federal Loans
Federal Direct Loan Program (Subsidized and Unsubsidized)	The Federal Direct Loan Program helps to cover the cost of an undergraduate and graduate education by allowing a student to take out subsidized and unsubsidized loans directly from the Federal government.
Federal Perkins Loan Program	A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students. The school is the lender. The amount of the loan depends on financial need, other aid, and the availability of funds at the school. The borrower must repay the loan to the school.
Federal Direct PLUS Loan Program	The Federal Direct PLUS Loan program helps parents pay the education expenses of a dependent undergraduate student enrolled at least half time.
Federal Direct Graduate/Professional PLUS Loan Program	The Graduate and Professional PLUS Loan program helps qualifying students pay the difference between the financial aid they have already received and the cost of attendance.
Federal Direct Consolidation Loans	Consolidation allows you to combine two or more federal student loans with various repayment schedules into one new loan. The interest rate on the Consolidation Loan might be lower than what you’re currently paying on one or more of your loans. Even if you’re in default on a federal student loan, you might be eligible for a Consolidation Loan if you meet certain conditions.
Work Study
Federal Work-Study (FWS)	The Federal Work-Study Program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay their education expenses. The program encourages community service work and work related to each student’s course of study. FWS is administered by the college financial aid office.