With the rising costs for a college education even at state colleges and universities, it is becoming harder for young people to go on to college or to even finish. This is where student loans come into play. There are both private and federal student loan programs. The federal student loan has a lower interest rate, can be paid back after college, and does not need a cosigner for taking out such a loan. Federal student loans help students with the costs of tuition plus other expenses accrued in college. This type of loan also offers flexibility in how to repay, and the interest is almost always lower than that of private student loans. There are three things a prospective student must keep in mind about student loans. First, it is an investment in their future. No student should ever take out any kind of loan unless they are serious about going through college and graduating. Second, such loans must be repaid. How long repayment takes depends on a student’s ability to repay. Finally, a student should NOT borrow any more money than they need for their college education. Before any student takes out a loan, they must consider the different types of loans that are available, the requirements for qualifying for these loans, and the repayment options.