Federal student loans are loans made to students directly. If in case a student drops below half time status, the account will go into a 6 month grace period. If the student re-enrolls in at least half time status, the loans will be deferred, but when they drop below half time again they will no longer have their grace period. Amounts are quite limited as well.
Applying for student loans without cosigner is a kind of federal student loan that is not based on credit. This means they won’t require you to provide a cosigner, or submit to a credit check because it is based on financial need. There is no need for a credit history, a job, references, or an income of any kind and still qualify without an issue.
Another variety of a student loan is the federal student loans to parents. This has a higher amount limit, but here the payments need to start immediately.Private loans may be used for any education related expenses such as tuition, room and board, books, computers, and past due balances.
Pell Grants offer a source of financing for students.It is free money the government provides for students who need it to pay for college. It is a grant so unlike loans it does not have to be repaid.
Federal student loans can also be consolidated. It has it’s advantages, it ,means lower rates of interest, lower monthly payments, and one payment has to be made instead of several payments. But as they say dont consolidate unless necessary.