A problem that exists for many students wanting to attend college is finding the money to pay the tuition. An option to consider to make the dream of college a reality is student loans. Stafford, PLUS loans, and Perkins loans are the most common, and work study is an option, too.

    Stafford Loans are low interest rate loans divided into two categories: unsubsidized and subsidized. Subsidized are loans that the government pays the interest rate on while the student is studying in college. Unsubsidized are loans for which the interest rate accumulates six months after you graduate from college. Stafford loans are by far the most common of all college loans, with most students utilizing this after filling out the FAFSA forms. Typical funding for freshman year is $5,500, sophomore year is $6,500, and junior and senior years are $7,500 per year. You begin paying back your loans after a six month grace period following graduation, and payments are monthly.

    Parent Loans for Undergraduate Studies (PLUS) are offered at a higher interest rate that accumulates as soon as you begin your first year of college. Perkins Loans have low interest rates (five percent) and are awarded to undergraduate and graduate students with a large need for loans to complete their schooling. Both PLUS and Perkins loans are given to students with greater needs, whereas Stafford loans are given to mostly everyone. 

    Work study programs in college are a good way to earn extra cash that goes straight into your pocket. Work study is a great way to earn that cash while, depending on the job, you may be able to have time to study while working. Work study can also help you learn to balance your time between work, school and friends. The money you make can go towards paying off your loans, savings, or as spending money; it’s completely up to you.

    The following links can teach you more about college loans:

http://www.studentloannetwork.com/federal-student-loans/plus-loan.php

http://www.staffordloan.com/stafford-loan-info/undergraduate-stafford-loan.php

http://www2.ed.gov/programs/fpl/index.html