First, for the newest students looking for loans, you have two types of loans: government guaranteed and private student loans. The government guaranteed loans have benefits that the others may, or may not have, such as:

- Preferred interest rates under 8%

This can save you a ton of money. You want to keep that interest rate as low as possible.

- Deferment options

This means you can ask for a delay in payments if you don’t have a job.

- No payment during school

If you go back to school for an advanced degree, you can stop making payments while you study.

Places to look

1. FAFSA.gov

Always check with FAFSA first. This is the main website for college student loan guaranteed by the government. Through this site, you can get Stafford loans, Perkins loans, Grad/PLUS loans, Pell grants, SMART scholarships, and more.

You’ll have to fill out a FAFSA (hence the name) but that’s not that hard. Once you have your FAFSA in, you get a report in about 1-2 weeks of what aid the government will offer you.

This is pretty basic info. Almost all students know about he FAFSA. What next? Where else can you look?

2. Your State

Look up your state website. Usually, you’ll find a link to their higher education office. Go there and see if your state offers loans to students – many do.

Your state may also offer student scholarships, tuition waivers, student loan forgiveness for certain in-demand fields, and even reciprocity if you go to a school in a neighboring state in some cases.

3. Private Student Loans

You can also get a student loan from a private lender, such as a large bank. Be careful with this group of loans. You want to be sure to check to see if you can get a government student loan first, before you go this route.

Check with your financial aid office at your university for college student loan first. If you have no other options, there are many banks that offer these loans. Just call a couple of the biggest. You may need a cosigner.

3 Extra Tips on Student Loans

- Pay Day Lenders do not offer student loans.

Stay away from these companies! They will charge you very high interest and they don’t offer any delays, or deferments while you are in school. Their interest rates are sky high. Don’t use them.

- Sell Your Car. I know, you have to get around, but do you need a new car? Sell it and get a cheap one. If you go about 8 years old, you can get a good car, and keep the price down. Maybe even pay cash or only have one year of payments.

I know it sounds crazy, but you could also ride a bike, walk, take the bus, or even carpool. That car may just be the anchor holding you down.

- Stay Away from Credit Cards.

I know it’s so easy to charge a few groceries. Or charge your textbooks. Or get a quick cash advance. Don’t do it! You don’t want to graduate with a ton of credit card payments.

If you can, always pay cash. Go to a cheaper college or university. Work on the weekends or evenings. Live at home or share. Avoid debt, and finish your degree.

Need more info? Come to Beat-Tuition.com and download my free ebook on grants and scholarships all over the US.

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