While there are many different college student loan options available, there are really only two different kinds of college student loans:

1. Federally guaranteed college student loans. These student loans offer some of the lowest rates, and some of the most flexible repayment options. They will not require a co-signer, and you will get one or a few of them (in most cases) regardless of your financial aid need. In some cases, you might have to borrow directly from the federal government.
2. Non-governmental or private college student loans. Many lenders offer alternative (private) college student loans, but in many cases, the rates will be higher than federally backed college student loans, and the terms will not be quite so flexible. In addition, many private college student loans will require a co-signer.

If you have been awarded a college student loan, the schools will ask you to select a lender from there preferred list of lenders. Remember, it is your right to choose you are a lender you are comfortable with even if it is not on the list. The only exception to this is with schools, in which they participate in the Federal Direct College Student Loan Program (Direct Student Loan). At these schools, you do have to borrow directly from the Federal government.

You need to apply early every year, to ensure you will receive funds in time for the start of the semester. Not all schools will process college student loan applications the same way. Some will want you to use a paper application, while others will have you fill out an online application for electronic processing.

College student loan funds will go directly to the school via check or electronic fund transfer.

If you are an independent college student, your Expected Family Contribution will not include any expected or unexpected help from your parents or guardian. You will be considered an independent college student if:

• you are 24 years of age or older;
• you are married;
• you are enrolled in a graduate or professional educational program (beyond a bachelor’s degree);
• you have legal dependents other than a spouse;
• you are an orphan or ward of the court (or you were a ward of the court until age 18); or
• you are a veteran of the U.S. Armed Services.

You can always check with your college financial aid office if you have questions regarding your dependency status. They are trained professionals and are there to serve and help you through this difficult financial time in your life.

Some special aid programs can make the college experience just a little easier for the non-traditional college student. For example, there are many special graduate scholarships. In addition, there are assistantships that will offer an on-campus employment to non-traditional college students.
To find out about these special opportunities, check with your school’s financial aid office. However, here are a few points you should remember as you pursue these options:

• Make sure you are aware of all deadlines, paperwork requirements, application fees and deposits for these programs.
• Be prepared to have your high school and previous college transcripts sent to the school you are interested in.
• Some of these awards are based on financial aid need, so be prepared to complete financial aid paperwork.