1. Federal Stafford loans: This kind of federal student loan is the most used by the students and there are two kinds of which are subsidized and unsubsidized loans. In subsidized loans, this is based on the need of the student and the interest will not accrue while the student is still in school. The interest will only apply after six months upon graduating. On the other hand, the unsubsidized loan is the opposite and you need to pay the interest while still in school. If subsidized loan cannot meet your financial needs then you can go for the unsubsidized loan no matter what you family income is.
2. Federal Perkins loans: This most used federal student loan has a 5% low interest rate that is available for both graduate and undergraduate students. Though this can only be given to those who really needs it and in financial crisis. There are also several criteria that must be met to be able to have this kind of loan. The funds for this loan are obtained from the school funds and the federal loan. The loan will be given by the school to you usually through checks and sometimes it will be directly used for your school expenses.
3. Federal Parent PLUS loans: This federal student loan is granted to the parents of an dependent student and undergraduate. No matter what the financial status of the family, this loan can still be granted and without any collateral. But credit check is still conducted.

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In most schools, one personnel is usually designated as a financial officer but actually serves as a representative of the lending company.  This is to make sure that the process for lending agreed both by the lending company and the school is strictly followed.   Guidelines for college loans from federal government may also disqualify students enrolling in private colleges and universities.

In availing of a financial aid, always strive for the best deal.  You can always consult a financial aid counselor regarding your options and plans.  In graduate school, student loans may be the more viable option since the scholarships offered are fewer and may also cover just a small percentage of the entire cost that enrolling in graduate school will entail.

Settling for college loans rate are highly advisable.  Fluctuations of the loan rate may also be a good indication or a negative warning.  Consider restructuring the loan upon the increase of the loan rates.

Doing a side by side comparison would be possible if you select a fixed starting date and a fixed student loan rate.  Similar to comparing apples with apples, comparing one term to its equivalent should be guaranteed in looking for a student loan.  Before deciding, learning more about the different student loan companies is also highly recommended.

In availing of college loans, just borrow the exact amount that you need, no more and no less.  What was initially a small student loan can end up as a huge debt because of the compounded interest.

Taking advantage of a student loan to earn extra money to invest in any venture like the stock market is certainly a bad idea.  Aside from it doesn't guarantee an easy way to wealth, it is also guilty for violation of the student loan agreement.

Upromise - Turn your everyday spending into college savings

Majority of these kinds of student loans require borrowers to be US citizens.  In most cases, only undergraduate students can avail, except for the Grad Plus which is available to graduate or professional students in a diploma or certification program.  Eligible non-citizens may also qualify, provided that they are either a US resident, a conditional permanent resident, other eligible non-citizen, or a resident of Palau, Marshall Islands or Micronesia.

The common borrowing limit per year ranges from $3500 to $5500.  In most kinds of student loans, the overall maximum borrowing limit is set at $23000 to $31000.  Other kinds of student loans also do not have maximum monthly or annual borrowing limit, allowing the borrower to get the exact amount needed.

For the loans that are available to graduate students, monthly borrowing limit is $8000 to $8500.  All in all, the maximum borrowing limit graduate students are allowed to avail ranges from $60000 to $138500.

The repayment terms also vary from one type to another.  Usually, repayment starts six or nine months after the borrower has graduated.  Usually, repayment is allowed up to 10 years, with different repayment plans to choose from.

Each kind of student loan also establishes its own interest rate.  For undergraduate student loans, interest rate ranges from 5% to 6.8%.  An interest rate pegged at 6.8% to 8.5% is set for the graduate student college loans.

It is important to carefully think over which type of student loan you should avail of.  Also, be reminded always that you should only take as much as you need and avoid bloating your loan.  The smaller amount you owe, the smaller amount you also need to pay after you have finished your education.

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