Where To Find Student Loans

In our current age of information, a college degree is almost a necessity if you want to find gainful employment. But earning that degree is getting more and more expensive. Low-income families, and even middle-income families, often struggle to find the money to send their children to school. Most students nowadays (or their parents) will have to borrow some amount of money to make it through four-plus years of higher education. If this is you, before you shop around for a loan, consider these important points:

How Much Will It Cost?
Before deciding what type of financial assistance you need, you have to look at how much your schooling is going to cost in the first place. Whether you attend a four-year state-run university or a high-priced private college will make a big difference in how much money you'll need. For starters, take time to figure out your budget for school. How much will your tuition and fees cost? How much will you need for books and supplies? How much for living expenses? Be sure to take everything into consideration in order to have ample money to pay expenses.

Visit the Financial Aid Office
The Financial Aid Office is there for a reason. The financial aid officers who work there are probably your best resource for locating the dollars you need to meet your expenses. These folks will help you run down your list of options - from private scholarships to loans and other sources - and can help you develop a strategy for getting your financial aid in order.

Do Your Own Research
Now that you've got a good list of sources for aid from your school's financial aid office, you can start doing your own research. Start by visiting some financial-aid-related Web sites and get familiar with the terminology. What types of scholarships are out there? What different loans are available? Check out the U.S. Department of Education's financial aid site where you can get a good basic primer. Fill Out the FAFSA Application, Apply for Loans While you're visiting the Department of Education's Web site, try to learn about the FAFSA application process. All federal student aid requires you to complete this application process. Once you learn about the process, you'll have to fill out the application. You can do this yourself, or you can turn to a professional to prepare and file the application for you. Your FAFSA results will tell you how much financial assistance you are qualified to receive from the federal government. Once you know this, you can apply for the Stafford Loan, and your parents can investigate the PLUS (Parent Loan for Undergraduate Students) Loan options. Federal loans can be found through private financial institutions and have more favorable terms than private loans. Still, they don't always cover all of your expenses, so you may need to explore more options.

More Alternatives
Now you've investigated your federal loan options. What if you're still struggling to meet your budgetary requirements? Private loans are another option. The Department of Education Web site is another good place to start when investigating private loans. Also, go back to your school's financial aid office and ask the officers there to recommend some sources for private loans.

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