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I have a loan in my aid offer. What does that mean?
Loans are a type of student aid that needs to be repaid, with interest, after you graduate or leave college. Most student loans are Direct Loans offered through the U.S. Department of Education. Direct Loans can be subsidized (i.e. the interest does not accrue for the borrower until repayment) or unsubsidized (i.e. interest accrues from the date of disbursement). Eligibility for Subsidized and Unsubsidized Direct Loans is based on completing the Free Application for Federal Student Aid.
Other federal loan programs include health professions loans for qualifying students studying in certain eligible degree programs and parent PLUS loans for parents wishing to borrow on behalf of their dependent student.
If federal loans are not enough, or if you don't qualify to borrow federal loans, private educational loans may also be an option. Private educational loans are credit-based and you apply directly with a lender of your choice.
Learn more about Loans.