It is a huge and challenging responsibility for students to borrow money for their college education. However, this is a smart investment as they are assured of a competitive salary with a satisfying career after completion of their education.

Most of the college students study by taking out student loans for which they approach many different sources. In contrast to the free financial aid forms such as scholarships and grants, student loans have to be repaid along with interest accrued at some point or the other. A typical college loan is repaid over a period of ten years if there are no defaults.

At least 65% of the undergraduate students study with the aid of student loans which makes these loans one of the most expensive investments. Student loans are also offered to parents and grad students.

College loan types
Student college loans are of different types namely the private student loans, the Federal student loans, student loans for poor or bad credit, alternative loans and student consolidation loans.

Federal College Loans
College students in America and their families are offered the FFELP or the Federal Family Education Loan Program. This is funded by the Federal government and offers additional financial aid for students. 
Loans that come under the Federal student loans include the Perkins loan, Federal consolidation loan and Stafford loan. Students who file their annual FAFSA are considered to be eligible for the Federal loans.
Stafford loan is offered as both unsubsidized and subsidized loans and offers benefits for a lot of students. Other Federal student loan benefits include lenient payback policies, lowered fees and low rates of interest.
As compared to the bank offered standard loans, the Federal college loans come with flexible repayment options. As Federal loans need not be repaid by students until they have graduated, this loan makes paying for college very manageable for students.

Private College Loans
Private college loans help bridge the budget gap left by other financial aid forms such as grants and Federal loans. For this both the borrower and co-borrower must have excellent credit history. These loans are offered with extra fees and higher rates of interest. If used to its optimum potential, private student loans help students pay for computers, textbooks, transportation and boarding.

College Loans for students with bad credit
Apart from the Federal loans that do not conduct any credit check before disbursing loans, there are ways and means to obtain other private college loans too with bad credit. These include the direct student loans, no credit check student loans and fast student loans. These are excellent options for those who wish to study but are limited by bad credit.

Loan consolidation for college students
If you are a college student with high, multiple loan repayments, it is possible to consolidate your loans. There are many popular programs offering this option and ensure that there is no default by grads. Apart from the Federal consolidation loans, consolidation is also offered by many private lenders. So, before you default on your loan, be sure to find out details about loan consolidation.