The best college loans are the ones that can provide the financing you need at the cheapest possible cost. The best college loans that are available to most college students fall into one of three major categories. You first have your federal college loans that are issued and backed up by the government. These kinds of college loans are probably the best college student loans available today due to their low rates and overall availability. Next you have private college loans and these kinds of college loans can provide the additional financing many college students need beyond the federal aid they receive as well as any grants or scholarships. The final category of college loans are what are called specialty college loans and these kinds of college loans are available at reasonable rates as long as you can fulfill the prerequisites for that particular specialty loan.

The best college loans in my opinion are federal college loans due to their low rates and ease of acceptance. Virtually every college student should be able to acquire some level of federal aid as long as they want it and can demonstrate a minimal level of need. The three major kinds of federal loan include the Stafford Loan, the Perkins Loan, and the PLUS Loan. All of these federal loans have there place depending on the student, and the best way to apply for such federal aid is to fill out a FAFSA by the appropriate deadline.

The FAFSA—free application for student aid, is the only application you need to worry about if you want to qualify for federal college aid. After filling out the FAFSA you will typically have to wait a few months until around springtime when your college will send you an award letter with all of the federal aid you may have been approved for. Listed may be only one or a combination of the various kinds of federal loans, and depending on your needs and situation as a college student you may want to accept or decline each federal college loan on a one by one basis. It is highly recommended that you accept as much federal aid as you can because these kinds of college loans are truly the best college loans in my book.

After you have sent in your FAFSA and have been awarded your federal aid you then may have to come up with more money to attend school. This is where private college loans come into play as they can provide the kind of aid that will cover the remaining costs up to the total cost of tuition. The big caveat here is that you must either have good credit and a solid income or a creditworthy cosigner to be approved for such loans. Most college students decide to apply with a cosigner due to their lack of credit history, and as long as the cosigner has a good credit score you shouldn’t have any difficulty in getting approved.

Private college loans will carry a higher rate than a federal college loan and they typically will have stricter rules and regulations when it comes to paying them back. Be careful to choose a reputable lender that you feel comfortable doing business with as many private lenders that have recently come onto the scene over the past few years have not had their customers’ best interests in mind.

If you are still in need of college financing after you have exhausted your federal and private college loan financing options you may then want to look to see if you can qualify for what are called specialty college loans. These kinds of loans are available to college students that exhibit some kind of original characteristic that makes them stand out. Common specialty loans include loans based on academic achievement, loans for students enrolled in teaching programs, and loans for students of a particular race or decent. These types of loans carry lower interest rates than your typical private loan and they therefore should be a serious consideration for you if you think you can qualify.