Federal Perkins Loan: You must show financial need to be offered this loan.  Funds are limited so you may not be offered one anyway.  Low interest, no fee and you don't have to repay until 9 months after you leave school.

Federal Subsidized Stafford Loan:  Limited to under \$3000.00 for freshmen.  Also based on need, but more widely available then Perkins.  You don't begin payments until 6 months after you leave school.  The interest rate as of 7/1/2002 is approximately 4.1%

Federal Unsubsidized Stafford Loan: Similar to Subsidized except higher interest rate and interest accumulates during school. 

Federal Plus Loan:  For Parents!  Low interest.  Effective 7/1/2002 the rate will be under 5%.  You can borrow a lot (up to total cost - other aid).  You must begin payments 60 days after loan starts.