CEU |  Financial Aid | Loan Counseling
 

Consolidation Loans 

A Consolidation Loan is designed to help student and parent borrowers simplify loan repayment by allowing the borrower to consolidate several types of federal student loans with various repayment schedules into one loan. You can even consolidate just one loan into a Direct Consolidation Loan to get benefits such as flexible repayment options.

If you have more than one loan, a Consolidation Loan simplifies the repayment process because you make only one payment a month. Also, the interest rate on the Consolidation Loan may be lower than what you're currently paying on one or more of your loans. If you're in default on a federal education loan, you may receive a Consolidation Loan if certain conditions are met.

Perkins Loans 

This is a low-interest (5%) loan to help you pay for your education after high school, for both undergraduate and graduate students.
Federal PLUS Loans 

Parents of dependant undergraduates with a good credit history may receive PLUS loans. PLUS loan eligibility is not based on financial need. So these loans are available regardless of income level. The interest rate is variable but has a cap set by the government.

Federal Stafford Student Loans

A Stafford Loan is a low interest loan made to you by an approved lender to help pay for your education after high school. The interest rate is variable but has a cap set by the government

There are now two kinds of Stafford loans. The Subsidized is based on need, and the government pays the interest while you are in school. The Unsubsidized is not need-based, so it is available to students regardless of financial need. Students must pay the interest or lenders may "capitalize" it (i.e., add it to the principal) while students are in school.