Loans for College

Loans for College

College student loans are a necessity for many college students, given the cost of college today. Before taking out loans for college, you should work hard to get college scholarships. Some students also work part-time to save money before going to college. Once your efforts have been exhausted, you’ll probably need to use loans for college.
There are two types of college student loans, federal and private. A federal student loan, such as the Direct Stafford Loan, is an inexpensive way to borrow money for college. Payments are not due until 6 months after you graduate, or drop below half-time enrollment. The trouble with federal loans for college is that they have low borrowing limits, that are based on your grade level and school status. You may not be able to borrow enough to cover your entire college costs. For more information on federal loans for college, check out our Student Loan Guide.
If a federal college loan doesn’t provide all the money you need to pay for your college expenses, consider private loans for college. A private student loan can help you get the money you need to pay for school expenses such as tuition, room & board, books, travel, food and more. Many undergraduate students find that they need to use a private student loan in order to pay for today’s 4-year public and private school costs. You can generally apply for a private student loan once you have accepted a college offer and are enrolled in school, usually the summer before your freshman year.