There are so many different types of student loans that you can choose. Most of them are split up between two categories; federal and private. Most students are going to take the time to get federal loans because these are often more secure, have better repayment terms, and often come with a lower interest rate as well. But what you may not realize is that there are a few different types of federal student loans you can choose. Some of the most common types include:

# Direct subsidized loans: These are going to be loans for students who show financial need off their FAFSA. When you are in school, the government is going to pay the interest, so the amount that you pay on them at the end of your school career will be the same as when you took them out. There will be a six-month grace period before you have to pay it back, with interest starting, after school.

# Direct unsubsidized loans: These are loans that are not based on your financial need. The government is not going to pay the interest. You do not have to pay off the loans when you are in school or make monthly payments if you don’t want to, but the interest will continue to accrue the whole time.

# Direct PLUS Loans: These are loans that a graduate student can take out or that someone can take out for their child. This is why it is often called the Parent PLUS loan. This will need a separate application and puts the parent in charge of the loan.

# Direct consolidation loan: If you already have several student loans from being in school, you can use the direct consolidation loan to combine them all together. This sometimes helps you get a better interest rate if the rates have gone done, and allows you to have just one payment instead of a bunch of individual ones that you have to pay off separately.

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