A college loan is a form of financial aid designed to help students pay for college-related expenses. There are many different kinds of college loans, and all are tailored to students by having lower interest rates and longer repayment periods than other conventional loans. Student loans are available for undergrads, grad students, and parents looking to help their children.
College costs continue to rise, and while the value of a college education is still widely recognized, it's getting harder and harder for students and families to cover costs without some sort of financial aid; in fact, turning to financial aid is a necessity for most students and families. Scholarships and grants are the much preferred forms of financial aid, but they aren't abundant, making college loans the best commonly available external source of funding for college. College student loans (especially federal) have low interest rates, and most college student loans allow you to defer repayment until after graduation and once you've secured employment.
Thankfully, there are many different college loans available to students to use as paying for college resources. The government offers Subsidized Stafford Loans for financially needy students; Unsubsidized Stafford Loans for any student; and PLUS Loans for parents of undergrads. All of these loans have relatively low interest rates. Select schools offer "campus-based aid" in the form of Federal Perkins Loans to students that have exceptional financial need. After exhausting federal aid options, a student can pursue private student loans, which will have higher interest rates, but also higher borrowing limits.
You can get a private student loan through a number of private banks and lenders, and you can compare your private student loan options by using SimpleTution's Student Loan Comparison Tool. Private lenders provide a good source of funding when free money awards and federal aid aren't enough to cover college costs. If you need a private student loan, go ahead and compare your options with SimpleTuition's student loan comparison tool.