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• Federal Pell Grants are scholarships that do not need to be paid back. They are awarded by  the U.S. Federal Government based on financial need.
  
• Federal Stafford Loans are student loans that must be repaid. Repayment of Stafford loans is deferrable until six months after student is no longer enrolled at least half time and typically lasts ten years. The interest rate is variable, but never exceeds 8.25%. If the student qualifies (based on need) for a subsidized Stafford loan, the government will pay the interest on the loan while the student is in school.
  
• Federal PLUS Loans are made to parents of eligible students. The loan is made if the parent is a United States citizen or resident and meets the lender's credit requirement. The maximum PLUS repayment period is ten years. The interest rate is variable but never exceeds 9%. An eligible student whose parent is not eligible for a PLUS loan may apply for an additional unsubsidized Stafford loan.
  
• The Private Alternative Loans are optional loans for dependent students whose parents are not eligible for the PLUS Loan and need loans to cover their cost of attendance at AMU-LAC. The student applies directly to the bank under his/her name and is approved if s/he meets the bank's requirements. Repayment starts six months after you stop studying or graduation date.