There are several different types of loan programs that you, as parents, can apply for to help pay for your child's college expenses. Learn more about each of these loans:
Federal PLUS Loans
These low-interest loans help graduate students and parents of undergraduate students pay for whatever education expenses are not paid for by other financial aid and loans. [deleted content] You can get a PLUS loan through the Federal Direct Loan program or through the Federal Family Education Loan Program.
Federal Consolidation Loans
These loans combine other eligible loans together so that you have only one payment to worry about.
There are some schools that have their own student loan programs. The interest rate is usually lower than the Federal PLUS Loans. Make sure to look over the college's financial aid information or contact the financial aid office for more information.
These should be your very last option to pay for college. Banks, credit unions, and other lenders offer private loans to pay for college expenses. However, these loans usually have a higher interest rate than the Federal loans that are based on financial need. Make sure you read through all of the information on Federal parent and student loans before applying for a private loan.