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These schools and services offer competitive aid packages for which you may qualify.

Check out these loan offers. Remember to borrow the maximum in federal loans before private student loans.

  1. Federally-backed student loans - Federal loans offer low interest rates and low (or no) credit score qualifications for borrowers. Loans such as Perkins, Stafford, and PLUS loans for parents fall into this category. These are the first types of loans you should apply for since they generally turn out to be the ones that end up costing you the least over the term of the loan.
  2. Subsidized Stafford student loans - A specific type of Federal loan, for subsidized student loans the U.S. government pays the interest on this type of student loan while you are in school, saving you money over the course of your time in college. If you qualify for this type of loan, it makes sense to follow up on it first before investigating other loan types. For Unsubsidized Stafford loans the student is responsible for paying for the interest on the loan.
  3. PLUS loans - These loans allow parents of college students to borrow up to the total cost of attendance (minus other financial aid received), either instead of or as a supplement to other student loans.
  4. Private student loans - Backed by credit unions, private banks or other lending companies, private loans can be used to cover any gap that remains after you have exhausted your scholarship, grants, and federal loan options. Private student loan lenders often compete against each other by offering competitive rates or other benefits. It makes sense to compare the rates, overall cost of the loan and other terms before choosing the private loan that is right for you.

Other payment options may be available at your school. Be sure to contact your school's financial aid office to learn about the financial aid and payment options available. The time spent on that one call or email can help make college more affordable.

More Student Loan Information

Student Loan Tips

  • Know your options - Investigate many different types of student loans to find the ones that are best for your needs. Just because someone tells you to take out a private student loan, make sure you investigate Federal student loans first. They usually offer the best rates.
  • Know the lingo - APR (Annual Percentage Rate) is important. The lower it is for your loan the better since it means you'll pay less interest for your loan. Other terms to know include the Total Cost of Loan (how much the loan will cost you including the amount borrowed plus the interest), how long the deferment period is (how long after graduating you have before you need to start paying back the loan) and when the first payment is due.
  • Get a co-signer - Not everyone has one, but if you do it can make getting a private loan much easier, especially for younger students without credit histories. Plus, better rate / fee combinations are usually available only when applying for a student loan with good credit or with a credit-worthy co-signer.
  • Know how your student loan money is disbursed - Confirm with you lender whether the student loan funds are sent to you or directly to the school.

More Student Loan Tips

© 2011, Private Loan Comparison. Designated trademarks and brands are the property of their respective owners. ARP rates are subject to change and are based on credit history and borrower rewards. Undergraduate and graduate private loan borrowers may typically borrow annually up to the lesser of the cost of attendance or $30,000 ($40,000 for certain schools where the annual cost of attendance has been determined to exceed $30,000). Please note borrowing amounts and limits will vary by lender and loan type. With most lenders, undergraduates may choose to defer repayment of principal and interest on private loans until six months after graduation or ceasing to be enrolled at least half time. Immediate repayment and interest-only repayment options are also available. Deferment periods may vary by lender and loan type. This does not apply to all lenders and loan types. Please check with your lender before you apply to confirm their payout process and timing.     Privacy Policy
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