Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than from the credit union, a bank, or other financial institution. You borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center—for everything related to the repayment of your loans, even if you receive Direct Loans at different schools. Use this link to find current interest rates, repayment plans, and loan consolidation

Private student loans help students and families cover the full cost of attendance after they have maximized scholarships, grants and federal assistance.  With a Smart Option Student Loan through Sallie Mae, students pay interest while in school, graduate with less debt, and pay off their loans faster than in longer-term private loan alternatives that have no payments until after graduation. Sallie Mae underwrites, funds and services all Smart Option loans.  Learn More.

• Income-Based Repayment (IBR) is a new payment option for federal student loans. Starting July 2009, it will help borrowers keep their loan payments affordable with payment caps based on their income and family size.
• Also, if you work in government or nonprofit organizations for 10 years (starting October 2007), you may qualify for a new type of public service loan forgiveness. Public Service Loan Forgiveness is a new program for federal student loan borrowers. It will forgive remaining debt after 10 years of eligible employment and qualifying loan payments.

Learn more about these new programs by visiting www.IBRinfo.org, including a calculator to help you determine if you might qualify for Income-Based Repayment.