Many students and their families take out loans to cover at least part of the cost of their education. The U.S. Department of Education offers fixed-rate low-interest student loans for U.S. citizens and permanent residents or other eligible noncitizens. The types and amounts of loans available to students depend on their program and year in school; dependent or independent status, as recorded in the FAFSA; their EFC; and the amount of aid they have already been offered. The total amount of students' financial aid, including student loans, may not exceed their estimated Cost of Attendance.
Student loans are also available from private lenders for those who are not eligible for federal loan programs or whose federal loans do not cover all of their costs.