Providing good education is a dream that every parent likes to cherish for his child. However, in this era, a good education comes at a fairly high price that an average parent finds it difficult to bear.

At this juncture, US citizens have the opportunity to knock at the doors of the federal government for help. With the objective of providing right education to children and making it affordable, the US federal government has introduced a variety of financial aid programs that can be availed both by students and parents.

There are different ways of raising money for the purpose of education. Some of these include scholarships, work-study programs, family contributions and educational loans. Among these student loans are the most preferred ones. The advantage of a student loan is that the repayment period starts after the student completes his graduation. Apart from that, these loans are provided at lower interest rates and have convenient repayment terms. The interest rate on student loans is not charged till the repayment starts. There are two important types of student loans provided by the US federal government. These include the Perkins Loans and Stafford Loans. In case of a Perkins Loan, the school itself acts as a lender. In case of a Stafford Loan, funds are provided by the banks and other lending agencies that have been approved by the federal government.

The foremost requirement for a federal student loan is to qualify through the FAFSA. Apart from this, there are also federal loans available for parents. One example is the Parent Loan to Undergraduate Students or the PLUS.

One can consult a financial aid officer inside the school campus to have a better understanding about different types of student loans available.