What is the difference between an unsubsidized Stafford loan and a subsidized Stafford loan?
Subsidized Stafford loans are awarded based on financial need. The government pays the interest on the subsidized Stafford loan while you are in school and during some periods of deferment. The unsubsidized Stafford loan is not based on financial need and accrues interest while you are in school, which you are responsible for re-paying. You have the option of making interest only payments while you are attending school or may choose to defer paying the interest until the loan goes into repayment status.

What is the federal PLUS loan?
The Federal PLUS loan is a low-rate loan for parents of undergraduate or graduate students designed to help their child afford a college education. The parent is eligible to borrow up to 100% of the student's cost of attendance minus other aid received including federal Stafford loans, grants and scholarships.

What is the rate on my student loan?
The Federal Stafford and PLUS loans are regulated by Federal guidelines and thus the rates and terms are generally the same from lender
to lender; however, FirstMerit offers a 2% interest rate reduction when you make 48 on-time payments.