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we're here today with Sean Logan director of College counseling at Phillips Academy Sean one of the big decisions that students face is that of student loans when they're going through the college admissions process can you kind of explain to me where are the different places I can get loans and then how that impacts what those options are sure so the government is probably the the best source of loans right now and you know there's also smaller state loan programs that are out there and that varies by States those are the federal government then there's the state government yeah okay there are colleges that will do their own institutional loans okay and then there are private institutions that will do loans okay and you know of all these different options of where should I begin so with your financial aid package colleges will help you sort of understand this but in general college is going to use a lot of federal money at first and try to package you that way and again it's generally the best type of loan you can get there are need-based loans that are out there so you have to have certain levels of income to qualify the first being that the federal Perkins loan generally for more lower income students and that has a lot of really positive perks to it they include things like a fixed-rate okay it has no origination fee okay you have the flexibility with the government's paying all of the interest until six months after you graduate so that's a great factor for that okay so you're not gonna pay any interest while you're in school while you're in school okay and you do have again some flexible terms with deferring that if you go to graduate school and again you can take out in your first year up to $5,500 you can take out up to $50,000 as an undergraduate for the federal Perkins Loans okay and that's up to 5500 and is that per year overall a year okay got it are there any other kind of need-based loans that are available in the federal government there are so there's also subsidized Stafford Loans they're not quite as good a terms as the Perkins Loans but again still very good probably the next best loan you will find out there there is an origination fee to that right now the the interest rate is actual a little bit lower than the perk then the perkins loan but that's that will go up depending on the markets again it has the same maximum of fifty five hundred dollars per you for this year for your first year is that fifty five hundred is it's a fifty five hundred every year does that change so that can go up as your as your a sophomore junior senior that that amount can go up so you have a little bit more flexibility with that okay and the the subsidized Stafford also their interest rate is also paid for by the government until six months after you graduate as a so that's also no interest paid while in school correct are there any loans that the federal government offers that aren't based there are now one thing to remember is you still you need to fill out a FAFSA form to qualify for any federal loans so even if you go ahead disorients even if I don't have financial need my family makes a lot of money I still fill out the FAFSA just to get access to federal loans correct and that's an important fact that people don't realize so there's an unsubsidized Stafford loan and again the it's not quite as good of terms as the other two we've talked about but it's still a very good option for many families okay so I know that the rates for the Stafford subsidized and unsubsidized are the same so what are the actual differences between the two loans so the biggest difference is is that they the federal government will not pay the interest while you're in school okay so they're not gonna cover you right okay and then are there any other kind you mentioned there was one other kind of federal loan that's that's not me based there also was something called a Direct PLUS loans which a parent can take out instead of the student it's in the federal program so it still has some of the benefits of of that program but it's a higher rate but again it still it still has a lot of the other benefits of the federal program it's backed by the federal government great okay so that makes sense those are part of the federal government loans what about with state or College sources what are those loans all about so again that really is going to depend on the state and it's really gonna depend on the college so it goes could be very good options personally I had a comment when I was in college I had some of my loans were college loans and those loans were actually had no interest rate at all so I was basically allowed to borrow again in that example we used before I borrowed $5,000 but there was no interest at all the all I paid back over the life of the loan was the $5,000 so college loans can be a really good opportunity but again not all colleges offer them and some of them don't have as good a term to say the federal government does that's really so state by state college by college there's not sort of a general rule of thumb right we're looking at but it's worth looking into and the colleges will you know give you if you qualify for them they'll give you those options at the state level it's also worth looking into the colleges will generally be able to sort of let you know if you qualify for these loans and you can decide how good they are for your family in your situation great and then you mentioned federal state College and you also mentioned private loans where do those kind of fall into this equation so I think in terms of the best terms the the most flexibility they're probably at the the you know that they would be my last option now they can be very good options or family that still need money but I would say if you've exhausted those other options this is you know that's probably the next place to go you know they aren't subsidized they are not need-based and they definitely require most of them will require a parent to commit to repay the loan if the student fails to the interest rates you know will vary by by the different institutions so banks are the financial institutions you know typically have the highest interest rates and the least effects of flexible payment options so then why wouldn't as a student why wouldn't I just take all Stafford loans sort of Stafford subsidized or you know if I didn't qualify Stafford unsubsidized why would I even bother looking at something like a private loan well unfortunately with a Stafford loan right now in the first year the most you can take out is $5,500 and you may need a little bit more than that for loans so you may need to look at other options and so that's why you would move down with the with the perkins loan you may not qualify because you don't meet the the income standards and for the subsidized Stafford loan you may not qualify for that so again you may you would definitely qualify for the unsubsidized loan but then you if you need a bit more you may have to go to these other alternatives so if you kind of pass that yearly maximum on the Stafford Loans you don't qualify income wise for Perkins and then it'll be down to either a PLUS loan yep which has a fairly high interest rate yeah State or college loan which you know kind of varies yeah or the private loans and those can have variable interest rates and maybe not as good repayment terms right but it sounds like first first and foremost if you can get that's to Stafford of Perkins that's the place to start yes absolutely great thank you so much