Due to the recession and financial crisis all over the world, lending companies are forced to reduce options which can also be a huge problem for soon-to-be college students who needs financial assistance. But still whatever the financial situation is students will still be able to borrow money from the feds. Here are some things to bear in mind when seeking for college loans.

1. Students should always go to the feds first. The FAFSA form must be filled out and whoever completes the form and the federal loan agreement that is presented by the school's financial aid will be able to borrow money amounting to every year. The money is given through the Stafford student loan program. A percentage of not more than 6.8% will be charged with an additional 1.5% upfront fee this year. Essentially, students having low-income have better chances to get great deals. Some will be able to receive Perkins loans and "subsidized" Stafford loans for those who are in dire need of financial assistance.
2. If in case you need more than what the government is able to offer, there are several options that you can look at:

• There are charities that are able to extend financial assistance to several students every year. These charities include the Scholarship Foundation of St. Louis and Maryland's Central Scholarship Bureau. Even if these are good deals, students must be aware not to accept every loan that is offered to them.
• Banks can also be a good option for students to get money for college. Though they are now being strict, if you do not have a co-signer then you are not granted with a loan. They need a co-signer as an assurance that someone will be paying the loan.
• For parents, they are offered several loan options but are far more expensive. Percentage rate for PLUS loans can reach up to 9.4% every year.
• Search for non-profit organizations and inquire in several colleges. There are colleges who are partnering with different organizations to be able to provide students with affordable loans especially in this time of recession. Organization such as Rhode Island Student Loan Authority is offering parents loans at a percentage rate of not more than 8%.
• There are several tools in the web that parents and students can use to compare several loan options. Visit SimpleTuition.com and studentlendinganalytics.com to use the tools.

Going to college is a really a great deal of work but with every problem there is always a solution. The solution might not come easy but there will always be a way to get into college. With these options at hand, parents will not have to worry about sending the kids to college.