Get a Student Loan—The Smart Way

Student loans can open the doors to your education—but they’re also a long-term commitment. Whether you’re planning ahead or need funding right away, it’s crucial to understand your loan options before you sign. StudentLoanHelp is here to help you break down the basics, compare your options, and find the best fit for your situation.

Why Compare Loans?

Not all student loans are created equal. Federal loans generally have lower, fixed interest rates and more flexible repayment options, while private loans are offered by banks, credit unions, and online lenders—with widely varying terms. Make sure to look beyond the monthly payment. Compare interest rates, total cost, deferment options, and lender reputation. Use our guides and comparison tools before you commit.

• Federal loans: Fixed interest, income-based repayment options, no credit required for most undergrads.
• Private loans: Vary by lender; often require a co-signer and credit check; rates and terms differ widely.
• Shop around—don’t just accept the first offer!

Key Loan Types & Terms

• Federal Direct Loans: The most common option; fixed rates, some subsidized based on need.
• PLUS Loans: For parents or grad students, often at higher fixed rates.
• Private Student Loans: From banks and lenders; variable or fixed rates, often require a co-signer.
• Fixed Rate: Interest stays the same for the life of the loan.
• Variable Rate: Interest can change based on the market—your payment may go up or down.

Eligibility, Application & Approval

Most federal loans are available simply by submitting the FAFSA (Free Application for Federal Student Aid). Private loans usually require a credit check. If you don’t have a credit history, you’ll likely need a co-signer. The better your (or your co-signer’s) credit, the better your rates and terms.

After approval, you’ll sign a promissory note—a binding agreement to repay. Federal loans set the rules and process; private lenders each have their own application and approval criteria.

What Can Student Loans Cover?

• Tuition & mandatory fees
• Room and board
• Textbooks and school supplies
• Computer or required tech
• Transportation and certain living expenses
• Dependent child care (in some cases)

Most loan funds are sent straight to your school to cover tuition and fees first; leftover money is released to you for other qualified education costs. Only borrow what you truly need—it’s easy to over-borrow and face years of unnecessary debt.

Federal vs. Private: Key Differences

• Federal loans offer income-driven repayment, deferment/forbearance, and even forgiveness options.
• Private loans rarely do—read the fine print and know your obligations.
• Always exhaust federal loan options before turning to private loans.

Smart Borrowing Tips

• Search for scholarships and grants to minimize what you have to borrow.
• Make a budget before accepting loan funds—know your actual needs.
• Understand all your repayment options before borrowing.
• Ask questions. If you don’t understand a term or condition, find out before you sign.
• Keep all loan documents and promissory notes in a safe place.

More Resources

• Explore our articles on scholarships, FAFSA tips, and debt management.
• Use our loan calculators to estimate your monthly payment and total cost.
• Check our FAQs for answers to common loan questions.

StudentLoanHelp exists to empower you with transparent, reliable information. Don’t let confusing loan jargon keep you from reaching your goals—do your research, compare your options, and borrow responsibly.