College bound students face the harsh reality of figuring out how to pay for their education. While some students are fortunate enough to have parents who can afford to pay for their schooling others have to look at alternative options. Scholarships can be a valuable asset to many students, but what if you were not able to earn a scholarship or your scholarship only pays for tuition. Part-time jobs and savings can help but with the rising costs of tuition and books, college students are turning to college loans. These types of loans are commonly referred to as student loans. College loans usually have a low interest rate and they are payment deferred until the student finishes their college education. There are several types of college loans. Some popular college loan options are Stafford loans and PLUS (Parent Loan for Undergraduate Students) loans.

Stafford college loans are guaranteed by the government to have a low interest rates and deferred payment options. There are two types of Stafford loans one is the subsidized Stafford loan and the other is the unsubsidized Stafford loan. The government pays the interest on your subsidized Stafford loan until you complete your education, but with the unsubsidized Stafford loan students must pay the interest from the date of origination. In order to qualify for a subsidized loan the student must meet financial requirements and show need for the government’s aid.

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PLUS college loans are Parent Loans for Undergraduate Students. This loan is designed for parents to be able to cover their child’s education expenses. The credit history of the parent is evaluated and if approved the payment start 60 days from the approval date. If a parent is looking for a way to cover their child’s college education but they don’t have the funds upfront this is a great option.

Financial aid and college loans are readily available to all college students no matter your gender, ethnicity or age. Programs and counselors are available at each college or university to help assist students in funding their education. Students can take advantage of various college loans and use at their discretion.