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.

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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Almost all students can avail of the benefits of federal student loan programs, it does not matter what your credit score is and your financial standing. These kind of loans were made to help people who have limited financial resources for college.

The two major federal student loan programs are William D. Ford Federal Direct Loan Program (FDLP) and the Federal Family Education Loan Program (FFELP). There are some universities who participate in FDLP and offers similar terms with FFELP though the funds are borrowed from the US Department of Education.

On the other hand, FFELP can be obtained from private banks, education finance organizations and credit unions. This kind of loan has great terms which are:

• Lower interest rates that are rarely seen from other loans.
• The federal government can pay for your interest payments while the student is still in school.
• Payments for the loan may not be made while student is still in school.
• Longer re-payment terms.
• Flexible credit requirements can be made available to the student.

These two major kinds of federal student loan programs both offer six months grace period. This means that after the student has graduated he is given six months before he starts paying back the loan. The student may not also payback the loan until he is less-than-half-time student.

So, no matter what kind of loan you get the important thing is that your future being a college student and graduating will not be lost.

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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.

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A private student loan is a more viable option since a federal student loan may not cover all the necessary expenses for your education.  Private student loans are also known as alternative loans and are not backed up with any government institution.  Student loans from private corporations are also independent from the financial status of your academic institution.

The student loans from the private corporations can also be availed by a parent or by a student.  The interest rates, payment and repayment arrangements also depend on the lender's preference.  But, a federal student loan, unlike the student loans from private corporations, offer several repayment options, including deferments, forbearance and income-sensitive repayment.  These options are not available in private student loans.

If you are not familiar with the process of availing of student loans, getting federal student loans would be more advisable.  Since these loans are supported by the government, you can quickly get information regarding these loans from schools, banks or student loan lenders.  The Federal Family Education Loan Program is also one avenue you can check.

Compared to those offered by private corporations, the repayment periods in federal student loans are longer.  The interest rates are also lower.  The credit requirements needed are also easier.

Potential approval is higher in applying for a federal Stafford loan.  But, preliminary approval is faster with private college loans, taking just 15 minutes.  Both types also offer competitive rates.

Applying for federal college loans is highly recommended prior to applying for other financial aids.  You can take advantage of private college loans to cover whatever is not covered by the federal college loans and other types of financial assistance.

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Student loan consolidation can either be federal student loan consolidation or private student loan consolidation.  You can begin with the loans that were used up for your education if you want to consolidate college loans.

Aside from a reduction of up to 53% of your monthly loans, to consolidate college loans would also leave you with options for repayment that are appropriate to your budget.  Furthermore, it trains you to save your money for the time you will be in dire need of it.  Student loan consolidation will also require you to make just one payment per month.

In student loan consolidation, locking in today's rate would be made possible for borrowers, both parents and teachers.  Repayment has also been further simplified, with the several loans now incorporated into just one loan.  You will be required to pay a smaller amount of money monthly because repayment has been extended for a longer duration.

Other than college or student loans, other types of loans can also be consolidated.  Free debt consultation services are widely available.  Consolidating your non-student loans will lead to a 50% reduction of the debt, making it possible for you to settle your debt within 12-48 months.

Borrowers who are in default are no longer qualified to avail of a student loan consolidation.  If you were also in school more than half the time of the loans you want to be consolidated, you will also be disqualified.

In student loan consolidation, being employed is no longer deemed necessary.  In addition, no collateral nor cosigner will also be required from you to avail of a student loan consolidation.

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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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