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Federal Family Education Loan (FFEL) and Direct Loan: The Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan Program are two loan-based financial aid programs. The federal government provides the funds for the Direct Loan program, while the FFEL is financed by a bank, credit union, or any other participative lender. Both programs are the same as far as terms, conditions and amounts borrowed are concerned. Differences between the two include the source of the loan funds and certain repayment provisions.

Subsidized Loans: The interest rate on subsidized loans changes from year to year but will never go beyond 8.25 percent. In certain cases, subject to eligibility, the government will pay the interest on the loan while your student is in school, for the first six months after they leave school, and when/if they qualify to have payments deferred.

Unsubsidized Loans: If the cost of attendance at a certain school is still more than you can afford, your student might be eligible for loan money beyond their subsidized loan. They will be charged interest on this unsubsidized loan from the time the loan is disbursed until it is paid in full. They can choose to pay the interest while they attend school or allow it to accumulate.