If you are intending to borrow from a federal student loan program (financial aid) to pay for your higher education, you should first consult with your college financial aid officer to determine that particular college’s application procedure.

The most attractive educational college student loans are those that are geared towards financially needy college students. These student loans such as the Subsidized Stafford College Student Loans and Perkins College Student Loans will not require interest or repayment as long as the college student is enrolled at least half time in school.

College students who will not qualify for need based financial aid will still have an opportunity available to borrow from the federal Unsubsidized Stafford College Student Loan Program.

The parents may also borrow through the federal PLUS Student Loan Program as well as a variety of supplemental college student loan programs, which your college financial aid officer can tell you about. That is what there job is, so seek there advice.

As with any college student loan, make sure you completely understand the interest rate, the repayment terms and any tax implications. Make sure you know whether interest rates are variable or fixed, whether the student loan has forgiveness or deferment provisions, whether you would be able to consolidate the loan down the road, and whether it carries any prepayment penalties. Always borrow only what you need. Remember that college student loans must be repaid even if you never finish college.

Six Facts to Remember About Financial Aid

1. The amount of federal financial aid for which you qualify will be determined by your financial aid need. All though your expected family contribution will usually remain the same from college to college, your financial aid needs will increase or decrease depending upon the costs of the college and tuitions.

2. Your need for federal financial aid will increase at a higher cost college than at a lower cost college. However, this will not necessarily mean that either the higher cost college or the lower cost college will be able to provide you with the financial aid help that will be sufficient to meet your financial aid need.

3. Colleges handle outside scholarships differently. In some cases, an outside scholarship will not affect your financial aid award package; however some colleges will reduce your student loan portion of the package by the amount of the outside scholarship and others may withdraw institutional grant aid by the amount of the scholarship.

4. You must apply for financial aid each year of school. Your family’s federal income tax return should be completed early, which will allow you to complete your FAFSA as accurately and timely as possible.

5. Contact all colleges and universities to which you are applying to in order to learn about any financial aid deadlines.

6. College is a huge investment, but it is one of the most important ones you can make for your future. Take time to learn about all the financial aid options before you make any college or university decision.