Here are some contents about federal loans:
1 Federal loans
1.1 Federal loans to students
1.2 Stafford loan aggregate limits
1.3 Federal student loans to parents
1.4 Disbursement: How the money gets to student or school
1.5 Debt levels
2 Private student loans
2.1 Private student loan types
2.2 Private student loan rates and interest
2.3 Private student loan fees
2.4 Private student loan cosigners
2.5 Private student loan terms
2.6 Private student loan consolidation
3 Discharge of student loans
4 Criticism of US student loan programs
5 References
6 External links
7 Further reading
 
Federal loans to students :
                                               Federal student loans in the United States are authorized under Title IV of the Higher Education Act as amended.

These loans are available to college and university students via funds disbursed directly to the school and are used to supplement personal and family resources, scholarships, grants, and work-study. They may be subsidized by the U.S. Government or may be unsubsidized depending on the student's financial need. The U.S. Department of Education published a booklet comparing federal loans with private loans.[5] In this same document, the government describes what you may use the loan for:

You may use the money you receive only to pay for education expenses at the school that awarded your loan. Education expenses include school charges such as tuition; room and board; fees; books; supplies; equipment; dependent childcare expenses; transportation; and rental or purchase of a personal computer.

Both subsidized and unsubsidized loans are guaranteed by the U.S. Department of Education either directly or through guaranty agencies. Nearly all students are eligible to receive federal loans (regardless of credit score or other financial issues). Both types offer a grace period of six months, which means that no payments are due until six months after graduation or after the borrower becomes a less-than-half-time student without graduating. Both types have a fairly modest annual limit. The dependent undergraduate limit effective for loans disbursed on or after July 1, 2008 is as follows (combined subsidized and unsubsidized limits): $5,500 per year for freshman undergraduate students, $6,500 for sophomore undergraduates, and $7,500 per year for junior and senior undergraduate students, as well as students enrolled in teacher certification or preparatory coursework for graduate programs. For independent undergraduates, the limits (combined subsidized and unsubsidized) effective for loans disbursed on or after July 1, 2008 are higher: $9,500 per year for freshman undergraduate students, $10,500 for sophomore undergraduates, and $12,500 per year for junior and senior undergraduate students, as well as students enrolled in teacher certification or preparatory coursework for graduate programs. Subsidized federal student loans are only offered to students with a demonstrated financial need. Financial need may vary from school to school. For these loans, the federal government makes interest payments while the student is in college. For example, those who borrow $10,000 during college will owe $10,000 upon graduation.

Unsubsidized federal student loans are also guaranteed by the U.S. Government, but the government does not pay interest for the student, rather the interest accrues during college. Nearly all students are eligible for these loans regardless of demonstrated need. Those who borrow $10,000 during college will owe $10,000 plus interest upon graduation. For example, those who have borrowed $10,000 and had $2,000 accrue in interest will owe $12,000. Interest will begin accruing on the $12,000. The accrued interest will be "capitalized" into the loan amount, and the borrower will begin making payments on the accumulated total. Students can choose to pay the interest while still in college; however, few students choose to exercise this option.

Federal student loans for graduate students have higher limits: $8,500 for subsidized Stafford and $12,500 (limits may differ for certain courses of study) for unsubsidized Stafford. Many students also take advantage of the Federal Perkins Loan. For graduate students the limit for Perkins is $6,000 per year.

Stafford loan aggregate limits :

Students who borrow money for education through Stafford loans cannot exceed certain aggregate limits for subsidized and unsubsidized loans. For undergraduate students, these amounts are $23,000 in subsidized and $34,500 in unsubsidized loans.[6] Once a student has borrowed the maximum amount (s)he is eligible for (based on grade level, such as undergraduate, graduate/professional, etc.), in subsidized loans, the student has the option to take out a loan in an additional amount less than or equal to the amount (s)he would have been eligible for in subsidized loans. Once both the subsidized and unsubsidized aggregate limits have been met for both subsidized and unsubsidized loans, the student is unable to borrow additional Stafford loans until a portion of the borrowed funds has been paid back to the respective lender(s). Once the student has paid back some of these amounts, (s)he will regain eligibility up to the aggregate limits as before.