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Which College Loan Is Right For You?
By Jill Dow, Thu Dec 8th

Many young college students are under tremendous pressure tryingto figure out how they are going to pay the high costs ofcollege tuition. Often times, their parents are equallyconcerned about where the money will come from for their child'seducation expenses. If you're a worried student or have acollege bound child and have exhausted the financial aid andscholarship avenues, your only solution is a college loan. Thereare several kinds of college available, but which collegeloan is right for you?

The first type of college loan is a federal student loan. Thisloan is either subsidized or unsubsidized. Subsidized collegeloans are when the government pays the interest of the loan forthe student for the time they are in school, but the studentmust show a great financial need to get this type of loan.Unsubsidized federal are available to anyone. With anunsubsidized college loan, the student must pay the interestbegining at the time the loan is issued. There is no deferment.Federal student are very easy to obtain and are the mostcommonly used.

The next type of college loan is a private student loan. Aprivate student loan may be required to add funding when othertypes of financial aid are not enough to cover the student'scosts. Private student are credit based. They areunsecured, which means they require no collateral, but they havevery high interest rates. Private college can be used foranything, not just tuition costs.

Parent college are another type of college loan toconsider. A parent college loan is a loan the parents can takefor the full amount of the college tuition. This loan can spanthe tuition costs for all of the years the student will beattending college. This loan is convenient because it will bethe only loan needed for the duration of your college years. Theinterest rates are much lower on parent student loans.

The last types

of loan is the college consolidation loan. Thisloan is used to consolidate several prior into one loansource with one payment to a single lender, rather than havingseveral payments to several lenders. Most students find thatthey need this type of college loan after they made the mistakeof not getting enough funding in an intial loan.

These are the college available. Before choosing a collegeloan, try to figure out how much you need. Then see if you canget any help from your parents, financial aid or scholarships.Be sure that when applying for a college loan that your creditis as good as possible. With some careful thought, you should beable to select a college loan that is right for you.

About the author:For more information about college loans, the various loansavailable and college loan calculators visit

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