Q. Why should I take out federal student loans?

A. Federal student loans offer many benefits over private student loans: Lower, fixed interest rates. No credit check or cosigner needed for most federal student loans. Your repayment plan won’t start until after graduation. The government may pay interest on need-based loans while you’re in school. Flexible repayment and deferment plans. Loan forgiveness for graduates in some fields under certain conditions

Q. What do I need to know about taking out federal student loans?

A. The most important fact to know about taking out a federal student loan is that it’s a legal obligation. You will be responsible for repaying what you borrow with interest. So, borrowsmart: Compare the cost of your education or loan to starting salaries for your chosen career. Keep track of the amounts of your loans. Make sure you understand the terms of your legal obligations under the loan agreement. Pay your loan installments on time. Communicate routinely with your loan servicers, keeping them up-to-date on your circumstances. Watch this video to get more tips on responsible borrowing.

Q. My parent has another child who is already attending or is going to be attending a different school in the fall. Does my parent have to complete two PLUS loan applications?

A. The most important fact to know about taking out a federal student loan is that it’s a legal obligation. You will be responsible for repaying what you borrow with interest. So, borrow smart: Compare the cost of your education or loan to starting salaries for your chosen career. Keep track of the amounts of your loans. Make sure you understand the terms of your legal obligations under the loan agreement. Pay your loan installments on time. Communicate routinely with your loan servicers, keeping them up-to-date on your circumstances.

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Student Loans

Sometimes big investments in the future mean borrowing funds.

What Are Student Loans?

Similar to the type of loan you might take out to buy a home, a student loan is money you borrow and must pay back with interest. There are two types of student loans: federal student loans and private student loans.

Federal Student Loans

These loans are offered by the federal government. Their conditions and terms are legally set. Benefits include fixed interest rates and repayment plans that start after graduation and can be based on income.

Private Student Loans

State-based or state-affiliated organizations, banks and credit unions offer private student loans. The lender sets the conditions and terms. Compared to federal student loans, private student loans are typically more expensive.ⁱ

Types of Student Loans

Learn more about the differences between federal student loans and private student loans in this chart.

Type of Student Loan	Federal Direct Subsidized	Federal Direct Unsubsidized	Federal Direct Parent Plus	Federal Direct Consolidation	Private
Who Can Apply	Students with Financial Need	Students without Financial Need	Parents of Dependent Students	Students	Students
Amounts	$3,500 to $5,500 per year**	$2,000 to $12,500 per year**	Training Costs Not Covered by Financial Aid***	Total of All Federal Student Loans Combined****	Varies
Fees	1.059%*	1.059%*	4.236%*****	No Application Fee****	Varies
Interest	Interest Fixed Rate 4.53%**	Interest Fixed Rate 4.53%**	7.08% Fixed Interest Rate for the Life of the Loan	Fixed Rate Weighted Average of Rates on Consolidated Loans**	Varies
Repayment Schedule	Starts after Graduation, Leaving School or Changing to Half-Time Enrollment*	Starts after Graduation, Leaving School or Changing to Half-Time Enrollment*	Starts after Graduation, Leaving School or Changing to Half-Time Enrollment*	Starts after Graduation, Leaving School or Changing to Half-Time Enrollment*	Varies*

^{**Fee for Direct PLUS Loans with a first disbursement date on or after October 1, 2019 and before October 1, 2020}

^{**Fee for Direct Subsidized Loans and Direct Unsubsidized Loans with a first disbursement date on or after October 1, 2019 and before October 1, 2020}

^{**Interest rate for Direct Subsidized Loans, Direct Unsubsidized Loans and Direct PLUS loans first disbursed on or after July 1, 2019 and before July 1, 2020.}

How to Get Student Loans

Complete the Free Application for Federal Student Aid (FAFSA) form. Federal student loans may be included in the financial aid offer TWS sends you. Our Financial Aid Advisors will educate you on how to accept part or all of the loan.***

Visit our How to Apply for Financial Aid page to learn more about applying for FAFSA, or call us for additional details on the process of getting federal or private student loans.

Call us at (855) 596-1499.

Student Loan FAQ & Resources

Federal student loans offer many benefits over private student loans:

Lower, fixed interest rates.
No credit check or cosigner needed for most federal student loans.
Your repayment plan won’t start until after graduation.
The government may pay interest on need-based loans while you’re in school.
Flexible repayment and deferment plans.
Loan forgiveness for graduates in some fields under certain conditions

The most important fact to know about taking out a federal student loan is that it’s a legal obligation. You will be responsible for repaying what you borrow with interest. So, borrow
smart:

Compare the cost of your education or loan to starting salaries for your chosen
career.
Keep track of the amounts of your loans.
Make sure you understand the terms of your legal obligations under the loan
agreement.
Pay your loan installments on time.
Communicate routinely with your loan servicers, keeping them up-to-date on your
circumstances.

Watch this video to get more tips on responsible borrowing.

Yes. The funding per each application is tied to the child for which your parent applied. TWS’ Financial Aid Department does not make the credit decisions for the PLUS loans.

Have more questions about federal student loans?

Call our Financial Aid Department

(855) 596-1499

Student Loan Resources:

Avoiding Student Loan Scams: Click here.
Estimating Your Financial Aid: Click here.
Choosing a Repayment Plan: Click here.
Handling Disputes about Your Federal Student Aid: Click here.

Student Loan Assistance Group

We understand that taking out a student loan is a big responsibility. When managed properly, the rewards of a new skill set and career could be well worth the risks that can come with borrowing money for school. And we’re here to make sure everything goes as smoothly as possible with your student loans.

We take student loan management so seriously, we’ve even created an internal prevention team to make sure students receive the support they need to pay their student loans on time, or defer them if necessary.

TWS’ Student Loan Assistance Group is here to help you after you take out a student loan. Borrowing money for school can be a scary and complicated process, but you don’t have to do it alone.

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Additional Sources

^{ⁱ https://studentaid.gov/sa/types/loans/federal-vs-private

ⁱⁱ https://studentaid.gov/sa/types/loans/interest-rates

ⁱⁱⁱ https://studentaid.gov/sa/types/loans

^iv https://studentaid.gov/sa/repay-loans/consolidation

^v https://studentaid.gov/understand-aid/types/loans/plus/parent

^vi https://studentaid.gov/sa/types/loans/subsidized-unsubsidized}