Parent's Student Loan Overview

This is an important time in your son or daughter's life. If you haven't yet thought about how you and your family will be paying for college, there are some helpful and important steps to follow below. It's definitely worth you and your family's time to learn about the financial aid process now - you might even be able to save money.

1. Complete the FAFSA

The FAFSA is required if your son/daughter is looking to obtain a Federal Stafford Loan or if you plan to take out a Parent PLUS Loan. Ensure that you or your child has completed the FAFSA application. For free FAFSA advice and secrets to maximize your federal financial aid award, visit FAFSAonline.com.

2. Scholarship Search

There is nothing better than money you do not have to pay back. Scholarships exist at the local and national level, so be sure to have your child look into all their options, including local fundraising groups, your religious group and national scholarship opportunities. Visit StudentScholarshipSearch.com to see what scholarships you may be able to receive.

3. Federal Stafford Loan

Once you have the results from your child's FAFSA and know how much she is qualified for, apply for the Stafford Loan. Stafford Loans are student loans available through government programs for a low interest rate. Visit our Stafford Loan section to learn more about this Federal Scholarship Program. Apply online at StaffordLoan.com.

4. PLUS Loan for Parents of Undergraduate Students

After you find out how much federal financial aid you are qualified for, look into a Parent PLUS Loan. This can help fill in any gaps in your federal need-based aid. It is important to file for the Stafford Loan first, then the PLUS loan. You can learn more about PLUS Loans and apply online in our PLUS Loan section.

5. Private Student Loans when Federal Aid Falls Short

If your federal student aid report indicates that you do not meet the requirements for federal funding, or it falls short of what you need, consider applying for a private student loan. A private student loan from the Student Loan Network is in the student's name but usually requires a co-signer. You can help build your child's credit by co-signing for them.