Pros/Cons: Stafford, Student, PLUS, Private, etc.?

Question

So, what are the pros/cons of each (and some others, if they are any; there's quite a few, it seems) ?

Interests Rates? Grace periods? Co-Signer(s)? Benefits to Subsidized & Unsubsidized?

My mother makes 20k a year, if that. I'm the first to go the college; I'm even graduating a year early from HS to do so. My college is approx. 10k a year, which isn't too bad, but I definitely need some help.

Any knowledge of scholarship sites would be wonderful, too. I've found a few superb sites, but anything else would help.

Thank you very much for your time and consideration everyone! It will help me a lot!

Also: If you have any smart ideas on how to save/make money (I plan to have two jobs & save all my cans & bottles for deposit), then please, free feel to spread the ideas!

Answer 1

There is a table in this book (page 9 or 11 i cant remember which) that has all the different loans next to each other with interest rates and terms.  It will answer your questions, besides being a really good book about fin aid.

Answer 2

Since your family is considered lower income, you should be eligible for both state and federal pell grants.  Grants are like gifts of money that you are not required to pay back.  Apply early so that you can get the maximum amounts!

I am only familiar with Stafford loans and I can tell you that they are not bad.  The interest rate changes each year, but you can lock in that interest rate in your freshman year and it will not go up while you maintain enrollment in college.  The unsubsidized loans are the best types of loans because the government pays your interest while you are still in college.  The unsubsidized loans accrue interest daily and if you don't pay it off monthly, it will capitalize so that you end up paying more on the principle loan amount when you graduate.  They are nice loans to have though because you are not required to start paying on the loan until six months after you graduate.  

An even better loan to aim for is the Federal Perkins loan.  This loan usually doesn't offer a lot of money and it is based on need and first come, first served, so file that FAFSA immediately!  This loan is nice because it gives you a grace period of 9 months from the time you graduate until you have to start paying it back.  

A great scholarship website is http://www.monster.fastweb.com

This summer you should look at taking a waitress/server job and save the money you make in tips.  If your organized, quick on your feet, and friendly, you can make some great tips.  Look at getting a job as a server at Outback Steakhouse, Red Lobster, or Olive Garden; these places are more upscale and the tips are amazing!