There are many ways for students to finance a college education, but one of the most common ways is through taking out a loan. There are loans specifically designed to cover the cost of higher education.

Types of Student Loans
Federal have terms and conditions that are determined by the federal government. Federal loans may come directly from the federal government. Banks can also issue federal student loans.

Private and their associated terms are issued by private banks.

Applying for Student Loans
To apply for federal loans, prospective students need to complete a FAFSA, or Free Application for Federal Student Aid. This application will request personal information such as your name, address, and social security number. It will also require you to submit information about your plans for school attendance for the upcoming year, including the type of degree you are working to obtain and your grade level. Lastly, the application will request detailed financial information from you and your parents to determine the type of aid you will be eligible for.

When applying for a private student loan,

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