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College Student Loans

College student loans are a form of financial aid that must be repaid, with interest once a student graduates. (Scholarships and grants, on the other hand, do not have to be repaid.)

Education loans come in three major categories: student loans ( Stafford and Perkins loans), parent ... more info

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... loans (PLUS loans) and private student loans.

Federal law sets the maximum interest rates and fees that lenders may charge for federally-guaranteed loans. Nothing prevents a lender from charging lower fees. Many lenders offer a variety of student loan discounts to attract borrowers.

Few students can afford to pay for college without some form of education financing. Two-thirds (65.7%) of 4-year undergraduate students graduate with some debt, and the average student loan debt among graduating seniors is $19,237, according to the 2003-2004 National Postsecondary Student Aid Study (NPSAS).

Graduate and professional students borrow even more, with the additional debt for a graduate degree ranging from $27,000 to $114,000.

Grants, scholarships, work-study and other forms of gift aid just do not cover the full cost of a college education. Many students find that they must supplement their savings with government and private loans. The Federal education loan programs offer lower interest rates and more flexible repayment plans than most consumer loans, making them an attractive way to finance your education. You can also deduct up to $2,500 in student loan interest even if you don't itemize deductions on your income tax return.

Once you have graduated, another type of education loan is the student loan consolidation. When you have multiple student loans from a variety of lenders, you can consolidate your loans to a lower interest rate and save thousands of dollars over the life of the loan.

The federal government would only allow federal student loans for students who were enrolled in a traditional college or taking at least 50% of their online classes at a campus location. This policy changed in 2007 and now federal student loans are available for students who want to earn their degree online from an accredited institution such as University of Phoenix , AIU Online , Devry University , Keiser University Online and St Leo University Online .

When it comes time for paying back loans, many students become overwhelmed by the fact that they aren’t earning a large salary yet and have a number of different creditors clambering for their money, but this doesn’t have to be the case if you play your cards right. consolidating student loans is the first step that you can take in ensuring that your loans don’t get over your head. There are a number of ways that this can be done including private consolidation services, but the most popular by far are ACS Student Loans, which have become something of a standard when it comes to consolidating post-college debt and loans. Paying for college is easy if you plan ahead and make sure that you make the decisions that will make your payments feasible and convenient.

Planning for student loans in order to pursue your education is essential in today’s college environment. College has become harder than ever before to pay for and students who are looking to go back to school, whether through an online university or a physical campus, have a very tough market to compete in. Due to the rising cost of higher education it is not uncommon for students to take out a variety of loans, from Federal Student Loans such as a Stafford Loan, to private student loans that can supplement total college funding. When the cost of college is overwhelming, and scholarship money won’t cut it, student loans are the best alternative, and by researching your options you can guarantee that you’ll have the money to pay for school as well as the ability to pay them back on time and in full.