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To help students cover higher education costs, the U.S. Department of Education runs a federal direct loan program. Within the program, student borrowers can qualify for one of two types of federal student loan options: subsidized and unsubsidized.
Subsidized loans are offered to students with financial need. For these loans, the government will cover the interest while you're in school.
Unsubsidized loans are offered to students without extreme financial need. If you get an unsubsidized loan, the loan interest will accrue, even in periods of deferment.
Let's dig into how each of these loans work.
Refinancing student loans can be a great strategy to make monthly payments more manageable and cut overall interest costs. In recent years, the number of lenders offering refinancing has increased, creating a competitive environment with lots of innovation and new options. But picking a lender can be daunting. Which student loan refinance company is the best? What should you consider besides the interest rate? Which lender should you trust with your money?
