While costs continue to rise, a many colleges have eliminated student loans from their financial aid offerings and are opting to offer grants instead. Others are waiving tuition for low-income families altogether.
Although free money is helpful, many students will still need to borrow from a the student-lending market that has seen two big changes in the past year. First, funding for many types of loans has ceased. And second, the College Cost Reduction and Access Act of 2007 cut government subsidies to issuers of federal student loans.
So how do you fund college for your little scholar if you need a student loan? Start with federal programs. With smaller fees, lower interest rates, and better terms than private student loans, federal loans are still the best option for most borrowers.
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