1. Stafford Loans: Federal student loans available to undergraduates and graduates. Stafford loans have fixed interest rates and because they are so low it makes them one of the most affordable student loans. These loans typically don't have to be repaid while you're enrolled in school and you don't have to have a good credit history. Subsidized Stafford Loans- These loans have a fixed interest rate of 6.8% or lower. While you're in school, the government pays the interest for you. You must show that you have a certain level of financial need, as determined by your college or university. Subsidized loans are reserved for students who can demonstrate a financial hardship. Most go to students whose families’ annual incomes are below $50,000. Unsubsidized Stafford Loans- These loans have a fixed interest rate of 6.8% and you are responsible repaying it all even while you're in school. Unsubsidized loans are available to all students. Perkins Loans: Have a fixed interest rate of 5%. They are all subsidized so the government pays any interest while you're in school and even for a little while after you graduate. Perkins loans are reserved for students who show exceptional financial need. Eligible undergraduates may borrow up to $5,500 in Perkins Loans annually, for a total of $27,500.
PLUS Loans: Available to parents of dependable undergraduates and available to graduates. They are funded directly by the federal government and there is no maximum amount. They can be used for any education costs no covered by any financial aid and have a fixed interest rate of 7.9%.
2. Subsidized Stafford Loans: about 15 years Perkins Loans: about 9 years PLUS Loans: about 16 years