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The most effective way to reduce the loan cost is to actually pay more than your minimum payment each month. By doing this, you reduce the cost of the loan over time and you will also end up paying it off much sooner than those paying the minimum requirement each month.

While the Pell Grant is the primary subsidy for higher education, the federal government also funds several smaller aid programs.

When it comes to federal subsidized and unsubsidized loans, reddit users agree that subsidized loans should come first. Then, you should apply for unsubsidized loans if you need more money.

Direct Subsidized Loans are available only to undergraduate students who have financial need. Direct Unsubsidized Loans are available to both undergraduates and graduate or professional degree students. You are not required to show financial need to receive a Direct Unsubsidized Loan.

If you take out a Direct Subsidized Loan, you will not be charged interest while you're in school, during your grace period, or during other periods of deferment. If you take out a Direct Unsubsidized Loan, interest will accrue on your loan as soon as it is disbursed, even while you are in school.

Subsidized Loans are loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid (such as grants or scholarships). Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods.

A financial aid package is the total amount of financial aid (federal and nonfederal) a student is offered by a college or career school. The school's financial aid staff combines various forms of aid into a "package" to help meet a student's education costs.