Oliver is looking to go to college. His family does not have very much money, so he qualifies for need-based financial aid. Oliver needs to spend most of his time working at his full-time job, so he will only be able to take a few classes per semester. Oliver’s parents have poor credit scores and cannot afford to take on any more debt. Based on Oliver’s situation, recommend a federal loan which would be appropriate for him.

A subsidized Stafford loan is a federal loan intended for students with demonstrated financial need, which fits Oliver’s situation. The federal government pays the interest while he is in school at least half-time, helping limit the cost of borrowing. His parents’ credit scores and ability to borrow are not the basis for this loan, unlike a PLUS loan, which parents would have to take out.

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