Florida Student Loans

Where to Find Federal and Private Loans

Don’t go astray when planning for college. Student loans don’t have to cost you a lot of extra money in interest and fees. Most state governments offer their own specially packaged federal and private aid packages available to state residents, including students and parents.

Florida’s Office of Student Financial Assistance is an adjunct of the Florida Department of Education. Here is a one-stop resource for all types of information related to college finance:

  • Federal Family Education Loan Program
  • State-specific scholarships
  • State-specific grant programs

Florida’s Federal Student Loan Program

The OSFA administers the FFEL program as a lender of last resort for those Florida colleges and universities unable to process your financial aid. Regardless of your lender, always apply for your Federal loans first. Don’t make the mistake that over 2 million students make each year when they assume their family income disqualifies them from any type of federal aid. Most are wrong. Fill out the FAFSA.

Here are the federal student loans available to you as a Florida resident and U.S. citizen:

  • The subsidized and unsubsidized Stafford Loans are the most popular federally guaranteed student loans. Most American students have some form of aid through one or both of these types of loans. The Staffords do not require a credit check and they feature low fees and fixed interest rates that most students find affordable. Stafford Loans are available to both undergraduate and graduate students.
  • Parents with undergraduate college students, before you take out a second mortgage on your home take a look at the benefits of borrowing the balance of your college-bound child’s education costs using a federal Parent PLUS Loan. This is a credit-based loan, but if you have poor credit consider borrowing with a co-borrower. The Parent PLUS Loans usually beat out other types of loans when it comes to fees and interest rates, which makes them such a solid option.
  • If you’re a graduate student and you’ve reached the lifetime limit on your Stafford Loans, the next best alternative is the fairly new Graduate and Professional PLUS Loan.

If you still need financing to cover your education costs don’t overlook applying for scholarships and grants, especially those the State of Florida administers. And if you go shopping for private student loans, only borrow what you need and avoid financing any extras like computers and textbooks—those expenses can add thousands to your final cost of the loan.

For more information on college financial aid and state resources, visit the OSFA website.