Even if you receive scholarships or grants, you may need to take out student loans to cover all your other college expenses. The good news is that there are a variety of loans available to meet your needs. Just remember, unlike scholarships, loans need to be repaid.

Student loans come from three primary sources:

• the federal government
• colleges and universities
• private lenders like banks and credit unions

Government Loans

You apply for federal student loans by filling out the Free Application for Federal Student Aid (FAFSA). The government wants to help you pay for college. So federal student loans cost less — in some cases, much less — than private loans. The deadline for applying is June 30 of the year you need the money, but it’s smart to apply as close to January 1 as you can.

College Loans

Some colleges and universities provide loans from their own resources. Check with the financial aid office at the schools where you plan to apply to find out how to apply and when the application is due.

Private Loans

If you’ve exhausted your other borrowing options, you might turn to private loans from banks or credit unions. Private loans are a last resort for a simple reason — they cost more than government or college loans.

Your parents are also eligible to borrow money for your education through the federal government’s PLUS program or from private lenders. Learn more at www.studentaid.ed.gov

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