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The graduate or professional school you attend may participate in either the Federal Family Education Loan Program (FFELP) or the William D. Ford Federal Direct Loan Program (Federal Direct Loans). Both programs have the same general terms, conditions, interest rates, benefits and loan amounts. The main difference between them is that the government funds the Federal Direct Loans, and lending institutions fund the FFELP. Although some schools offer both, you may only borrow under one program during an enrollment period. Check with your graduate or professional school to find out through which program you may be borrowing, and what you need to do to apply for a loan if you do decide to borrow.
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