College can be super overwhelming, especially when dealing with annoying finances. With different loans and policies all jumbled up in your head, you need some clarity. Here is a confuse-free way to see which student loan is right for you. 

Student Loans:

Subsidized Stafford Loan

• You must be a U.S. citizen or eligible non-citizen.  
• Undergrad students can borrow a maximum of $23,000.
• You don’t have to pay until 6 months after graduation. Payment is due 10 years later. 
• You can ask for a deferment (postponement for repayment) or forbearance (postponement with interest.)  
• The interest rate is 6.8%.

Unsubsidized Stafford Loan

• Unlike a subsidized loan, this is not based on financial need.
• U.S. citizens or eligible non-citizens can apply.
• Dependent undergrads can borrow up to $31,000.
• You also have 6 months to start repaying and you must complete it in 10 years.
• A deferment or forbearance can be used.
• The interest is also 6.8%.

Perkins Loan

• If you are in financial need then you should have no problem applying for this loan. (As long as you are a U.S. citizen/ eligible non-citizen.)
• Undergrads can borrow a max of $27,500.
• You have 9 months after graduation and 10 years to complete payment.
• The interest rate is 5%.

Parent Plus Loan:

• This loan is taken out by parents or legal guardians with good credit scores.
• Your parents or guardians can borrow the total cost of tuition.
• They have 10 years to pay and can use deferment or forbearance.
• Repayment begins as soon as it is given out.
• Interest rate is 7.9%. 

Private Student Loan “Alternative Loan”:

• You or your parent can take out this loan.
• There aren’t many repayment and deferment options.
• Approval depends on your credit score.
• Interest, which is based on your credit score, is higher than federal education loans.

Consolidation Loan

• You must have one or more eligible federal student loans.
• You can take out as much as you want. 
• You can increase repayment up to 30 years. But be careful, interest also increases.
• You can have a deferment or forbearance. 
• Interest rate is capped at 8.25%. 

Sources: 

ASA [1]

FinAid [2]