If you plan on attending college you should really consider a federal student loan. They usually have much lower interest rates and more flexible payment options compared banks and other private sources.

When will you have to pay this back? Normally you won’t have to make any payment until you have left school.

What can I use my student loan for? Federal student loans can be used to pay school expenses such as tuition and fees, room and board, books, supplies and transportation.

How much money can I borrow in federal student loans? As an undergrad your typical loan limits will be in the rage of $4,000-$11,000 each year. Graduate students can borrow up to $20,500 each year.

If you are going to be attending college next year it’s imperative that you start applying for these loans now. A Private loan (Local Bank) may be easier to get a loan from, but your interest rates will almost certainly be high and your bank won’t be as flexible.