Student Loans For College: Don't Put Your Eggs In One Basket

Being accepted to a college is often the highlight of a High
Schooler's dreams. Going through the testing and applications
process, and then waiting for replies on those applications
often make up a great part of a senior year in High School. Then
comes the day that the letter arrives in the mail, and everyone
gathers around to see whether you've been accepted or not.

You've been accepted! Great! Congratulations are offered,
celebrations held, and then, suddenly, reality settles in.
What's this college education going to cost and how are
students, their parents, or other relatives going to help
finance it? Today, more than ever, students entering college, as
well as returning college students, are opting to obtain one or
more student loans for college. While this may take some of the
stress off Mom and Dad as far as tuition costs are concerned,
it's an entirely new ball game for everyone.

A college loan is just like any other private loan, with one
major exception. A student loan doesn't have to be repaid until
the student has graduated from college. A student may also have
several student loans from several different lending
institutions. One of the most common lenders for any kind of
loan is your local bank. Beyond that, there are Federal loans
such as FAFSA, which stands for Free Application for Federal
Student Aid. These loans are eligible for those who meet certain
requirements, so make sure you do your homework beforehand.

The best time to start applying for loans is after you've
received your letter of acceptance to the college of your
choice. Forms need to be filled out and turned in as soon as
possible after the first of January every year, but can also be
completed throughout the course of the year, though processing
time may increase. The FAFSA form is the most common approach to
student loans after local banks and lenders, and is an
application that determines how much a family is able to
contribute to a student's financial obligations while in
college, based on household income.

A FAFSA student loan application will need to be filled out for
every school year that you would like to receive financial aid.
Most forms are available every November for the following school
calendar year. Applying early will increase your chances of
receiving a student loan through FAFSA, though it is by no means
guaranteed. Keep in mind that while such federally supported
loans often offer lower interest rates than private student
loans received from a private lender, they are also more
difficult to obtain.

When looking for any kind of student loans for college, take
the time to thoroughly research your options and check interest
rates, repayment terms and more than anything else, be prepared
to be patient. Don't stop with one student loan request, which
is like putting all your eggs in one basket. Fill out several
different student loan applications from various private and
government lending sources, and keep your fingers crossed. While
you're waiting, start looking for scholarship money as another
source of financial aid.

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