PLUS loans, originally called Parent Loans for Undergraduate Students, were created so parents could help fund their children’s educations.
The interest rates usually are higher than those on federal loans and there are some involved that aren’t part of federal loans.
Most students receive loans from a different borrower every year, if not every semester, so it is commonplace to have 8-10 student loan payments due every month when you finally graduate.
You can simplify the repayment process by applying for a Direct Consolidation Loan, which can best be defined as: one payment to one servicer, once a month.
Stafford and Perkins loans are federal loans given directly to the student.
This type of loan, which is funded with government money, comes with low interest rates and favorable repayment options. They can be consolidated upon graduation, which is an important factor when it comes time for repayment.