Student loan programs offer financial aid for education planning. Private loans are often available for those seeking to further their education, including undergraduates, graduate students and those looking towards continuing their education. There are also student programs who offer to cut your monthly student loan payment by up to 60%.

Student Loans Benefits

The benefits of student loans are many, including:

• Up to $35,000 per academic year
• Quick approval
• Multiple repayment terms
• Competitive interest rate
• Use loan for related expenses
  Tuition
  Books
  Living Expenses
  Computers
• Repayment of tuition bills

Student Loan Programs

Listed below are several student loan programs, as always, apply to any applicable student loan program regardless of if you believe you will qualify.

Federal Stafford Student Loan

• Federal Stafford Student Loan (FFELP/Direct) Subsidized - government pays interest for you OR
• Unsubsidized - you pay the interest or defer interest until you graduate or are no longer enrolled.
• Variable interest rate capped at 8.25%
• Up to 25 years to repay
• Available to Undergraduate and Graduate Students
• Range from $2,625 to $18,500 depending upon grade level
• Payment begins 6 months after you graduate or are enrolled on less than a half time basis.

Federal Perkins Student Loan

• Federal Perkins Student Loan Available to needy undergraduate and graduate students
• Maximum award is $3,000
• Average award is $1,000
• School determines eligibility
• 5% fixed interest rate
• No interest charged while enrolled at least half time
• Payment begins 9 months after you graduate or are enrolled on less than a half time basis.

Federal PLUS Student Loan

• Federal PLUS Student Loan Available to parents of undergraduate students
• Variable interest rate capped at 9.00%
• Payment begins after first or second disbursement depending on lender
• Up to 10 years to repay
• Borrow up to Cost of Attendance minus financial aid, including other loans
• Must be creditworthy

Applying for Student Loans

Applying for a student loan for college is not as difficult as it may appear. While there are difference for each student applying, there are certain factors that remain consistent regardless of your particular circumstance.

First of all, even if you believe you will not qualify, always apply. With all of the variables involved in approving a student loan, there is simply no way of knowing if you qualify unless you apply.

Filing the FAFSA is essential even if you don't think you will qualify for federal financial aid. Besides determining if you qualify for federal loans, the FAFSA is used by many non-government aid programs in order to determine your eligibility for the scholarships, loans, and other programs.

You will need the following information before filling out the FAFSA:

• Social Security Card
• Driver's license
• W-2 Forms or other records of earned-income
• Federal income tax return
• Your parent's federal income tax return (unless you are filing as independent)
• Records of other untaxed income you received, including welfare benefits, social security benefits, TANF, veteran's benefits, and military or clergy allowances
• TANF, veteran's benefits, and military or clergy allowances
• Current bank statements and records of stocks, bonds, and other investments
• Your business or farm records (if applicable)
• Your alien registration card (if you are not a U.S. citizen)

In most cases, your school's financial aid office determines your eligibility for the above student loans. Unless your school is a Direct Lending institution, you are free to seek your own lending source for student loans.