Idaho State Resources for College Bound Students and Parents

Higher Education Offers Answers

The Idaho State Board of Education is your primary resource for college financial planning. Find out everything you need to know about staying on track and building an effective strategy for getting into and paying for college.

Types of Loans for Idaho Students

Two types of loans you must acquaint yourself with:

  • Federal loans
  • Private loans

While you’re shopping around, don’t forget what your home state offers in the way of free aid—scholarships, grants, and loan repayment programs.

Federal Loans Provide Low Interest Rates and Attractive Pay Back Plans

Don’t be confused by the student loan process. It should be a fairly methodical step-by-step process, when followed correctly, works quite nicely.

First, apply for federal loans by completing the FAFSA (Free Application for Federal Student Aid). Keep deadlines in mind: both the official FAFSA deadline as well as specific deadlines from the colleges and universities in Idaho to which you are applying. Be aware that your university deadlines for FAFSA filing could be different than the FAFSA deadline. To qualify you must file the FAFSA by the earlier of the two deadlines.

  • The federal Stafford Loans are THE most disbursed student loans in the country. Subsidized Stafford Loans are awarded to students with outstanding financial need and unsubsidized are awarded to almost everyone else. But many students have both.
  • The Parent PLUS Loans are designed to provide a low-cost financial option for parents of undergraduate students.
  • PLUS Loans for Graduate and Professionals provide access to the next tier of federal aid when graduate students have reached the lifetime limits on their Stafford Loans.

When It’s Okay to Borrow with a Private Student Loan in Idaho

Private student loans should be a last resort for financing college. Why? Most tend to package in higher than normal interest rates and fees that can pack a punch to the total overall cost of the loan. Remember, it’s completely up to you to choose a lender for both your federal and private loans. Shop carefully.

For details on borrowing money, making a planning schedule, estimating your loan needs and monthly payments in pay back, visit the Idaho State Board of Education website.