Paying for education is never easy. Some families and employers cover the costs, but not everybody is so fortunate. If you need to come up with more money, you’ll need to know how to get a student loan.

This page will help you to discover the options available to you, and what you need to know before you get a student loan.
Try to Not Borrow

Before getting into the logistics of how to get student loans, there’s something that you should hear at least once: try not to borrow anything. It’s easy to get money now, but it won’t be easy to pay it off later. Yes, an education is an investment, and it’s often well worth it to borrow money to fund your education. However, you can thank yourself later if you minimize your debt burden by:

Working part-time (even if it means taking an extra semester or two)
Finding employers that pay for education
Going to school at less expensive institutions
Hunting for grants and scholarships
Know Your Options

When borrowing for education, you have several options. Make sure to consider all of them and choose the one that fits you the best. Be sure to consider:

Loans offered under government programs (generally your best option)
Private student loans (typically used after you’ve borrowed the maximum from government programs)

In addition to loans designed specifically for education funding, you might use:

Loans from family members
Home equity loans (only an option if you own a home)
Peer to peer loans – borrow from individuals instead of banks
Unsecured “signature” or personal loans
Credit cards

The choices above are more or less in order of affordability.
Start With Government Loans

Student loans from government sources are probably your best bet. These loans will generally have lower interest rates, and some of the interest may be paid (subsidized) on your behalf while you’re in school. There are several other benefits to government backed loans, which you can read about here: Advantages of Federal Student Loans.

The drawback of government programs is that they may not cover all of your expenses. There are limits on how much you can borrow, and if you need more you’ll have to find it elsewhere.

How to Get Federal Student Loans
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