While included in the term "financial aid" Higher Education Loans differ from scholarships and grants in that they must be paid back. They come in several varieties in the United States:
* Federal Student Loans made to students directly: No payments until after graduation, but amounts are quite limited
* Federal Student Loans made to parents: Much higher limit, but payments start immediately
* Private Student Loans made to students or parents: Higher limits and no payments until after graduation, although interest will start to accrue immediately.