How To Find The Best Student Loans

Q: For students who will be entering college shortly, is there any advice on how to find the best student loans if the student needs financial help?

A: The best kind of financial help a student can get for college is “fee money” for college. Free money for college is typically in the form of scholarships or grants, and is money for college, which the student will not have to repay. You can read more about scholarships by visiting our Scholarships for College section or by using our Free Scholarship Search. You can read more about how grants for college work by visiting our Grants for College section.

When it comes to student loans, students are urged to apply for federal student loans first. Federal student loans are going to offer the best interest rates and repayment terms to college students. To apply for federal student loans for college, you need to visit www.fafsa.gov and file The Free Application for Federal Student Aid.

If you have exhausted all of your “free money for college” options and your federal financial aid options (including federal student loans), and still need more financial assistance for college, you can consider a private student loan. To find the best private student loan you will have to do your research, and compare different lenders and their private student loan terms and interest rates. Private student loans are based upon credit, so if you have poor or little credit history, it is suggested you apply for the private student loan with a creditworthy cosigner to help secure the loan.