College Loans for Students

Get college loans for students. Find cheap student loans for college, including federal subsidized student loans.

Student loans are a way to supplement your college expenses, but they are not free money and must be paid pack with interest. However, loans are a viable option if you do not receive enough free money to attend college and/or if you do not have enough family or college savings plans.

Last updated on December 7 2016 by College Financial Aid Advice

Student Loans are NOT Free Money!

College Loans for Students

Stanford University, Palo Alto, California

The trick with taking out college loans for students is to never assume more debt than you will be able to repay, and that you should consider the value of the education that you receive in comparison to the size of the loan. For example, does the career opportunities and potential or certainty to earn a decent salary upon graduation justify the size of the debt?

If so, you are to shop and apply for the best possible loan(s) with the most favorable terms, e.g. fixed and low interest rates.



Cheap Student Loans

College loans are either Need-Based or Non-Need-Based, Federal or Private.

If you want cheap student loans, federal Student loans are the most favorable student loans. They have the advantage of low interest rates and the government pays the interest on some of these loans on your behalf while you are still in college. Furthermore, the Federal loans do not usually need your credit history and may be eligible for the federal loan forgiveness program.

Federal Student loan is either need based or non-need-based.

Federal Student Loans include:

1. Subsidized Stafford Loans
2. Un-subsidized Stafford Loans
3. Federal Perkins Loan

Additionally, your parents may qualify to take out a Federal Plus loan to pay for your college expenses and it is not based on financial need. It requires the parents' credit history and parents can borrow any amount up to the un-met Cost of Attendance (Cost of Attendance minus other financial aid or scholarships).

All of these federal student loans are cheap student loans, because their interest rates and terms are more favorable than private loans.


Private College Loans for Students

Private loans should be your very last resort for borrowing money to pay for your education. These private lenders require a credit history and the loan many have variable interest rates which may make your monthly payments to rise drastically in the future. These private loans are not cheap student loans, and they may have stiff penalties if you are late on any payments. You can get an idea of your payments using our student loan calculator.

Sallie Mae is one organization that offers private college loans for students. You can also try your local bank.

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