Exploring student loan options
If your savings, grants, and scholarships still fall short of what you need to pay for school, you and your family should check out these college loan options:
Federal student loans are the largest source of college loans. You and your family can get federal loans through private financial institutions such as Sallie Mae.
Federal student loans have more favorable terms than private loans. So, get all the federal loans you can before looking into private loans.
Private student loans supplement federal loan programs. You can get these from your school or from private financial institutions.
Depending on the lender, private student loan (also know as personal or alternative student loans) terms can vary considerably based on your credit history.