Earning your GED and a college degree is a useful but costly venture. Many students simply do not have enough money to pay their tuition out of pocket, especially if they are studying full time and not working. Student loans make earning your GED and college degree possible. Investigate multiple loan sources so that you make the right choice when selecting a student loan.
Step 1
Complete a Free Application for Federal Student Aid (FAFSA). The FAFSA can connect you to subsidized loans which are based on financial need. The federal government will assess your financial situation, and that of your family, to determine your eligibility to receive student loans. One such loan is a subsidized Stafford Loan, which has a fixed interest rate. You do not have to pay the Stafford Loan back until after you graduate.
Step 2
Apply for unsubsidized loans offered by the federal government. An unsubsidized Stafford Loan is not based on financial need, so any student is eligible to receive this loan. Unsubsidized Stafford Loans start accruing interest immediately, and the federal government caps the amount a student can borrow a year. The federal government offers other direct loans, and submitting a FAFSA will qualify you for consideration for all direct loans.
Step 3
Acquire private loans. Private loans should be your last resort; use them to supplement your tuition after you receive as much money as you can from federal student loans which offer lower interest rates and more lenient payback policies. Many financial institutions offer private loans, and while they cost more than federal loans, they are a better option than simply adding your tuition to your credit card.