Still too much...

Alright kiddies we're back and here to discuss federal student loans *dun dun dun* Many of us have them, so lets get it all out and into the open.

There are two main types of federal students loans: Stafford Subsidized Loans and Stafford Unsubsidized Loans. The biggest difference between the two of these is the interest on subsidized loans, students only pay the original amount of the loan whereas the original loan plus whatever interest has accumulated over time must be paid back with the unsubsidized loan. Although subsidized loans are better, they usually yield less money that unsubsidized. In either case, students have 10 years to fully pay back their loans after graduating or dropping out of school.

There are also Parent Plus Loans, which parents can take out to help their children pay for college. Although the loan is not need-based and has a low fixed interest rate (currently 7.9%), it must be paid back more quickly than Stafford loans.

Before any loans can be dispersed, a Master Promissory Note must be filled out. This is essentially a contract between you and the government saying you know what your doing and your going to pay the money back in a timely fashion. A huge buzz-kill for the MPN is you must complete a quiz about the types of loans and payment systems and achieve a satisfactory score before any money can be shelled out. Luckily, however, one MPN is good for ten years (woo-hoo!).

Luckily for us MSU Spartans (Go State!), our Office of Financial Aid has posted some great videos to walk students through any questions they may have about loans, scholarships, grants, and financial aid. Oh yes; be jealous.

That's all for now y'all cause I'm tired. Till next time...