Use the student loan comparison tools on SimpleTuition to shop around for the loan that’s right for you. Compare rates, monthly payment, total cost of loan, borrower benefits and more. When you have decided on a loan, either click on “apply” to be taken to the online application, or click on “call” to see a phone number where you can call to apply over the phone. The approval and processing of applications varies greatly from lender to lender, so it is difficult to say how long it will take. Some lenders offer e-signature, which will allow you to complete the process online and receive your funds faster. In order to complete an application for a student loan with most lenders, you will need the following information:

• Your full name, social security number and date of birth
• Your permanent address and the number of years you have lived there (no P.O. boxes)
• The amount of your monthly rent or house payment
• Your home phone number
• Your current occupation and position
• The name of your employer and how long you have been employed by them
• The business phone number of your employer
• Your gross annual income
• The contact information for a reference (name, address, home/business phone number)
• The name of your school (or the school the student for whom the loan is for is attending)
• The social security number, contact information and employment information for your co-signer (if applicable)

Some banks will send or express mail the necessary documents to you to complete the loan. As with federal student loans, you will be required to sign (or e-sign) a promissory note whereby you agree to accept the terms of the loan (rates, fees, APR, and repayment) and then repay it.

There are many different kinds of student loans. First, know the difference between federal and private student loans. You should always use federal loans first. They carry lower, fixed interest rates and often have better terms than private (or alternative) loans. Second, know the difference between the types of loans in your financial aid award.

• Subsidized Stafford Loans: a federal loan for which the government pays interest while you are in school
• Unsubsidized Stafford Loans: a federal loan for which you pay interest while you are in school
• PLUS loans: federal loans for graduate students and parents of undergraduate students
• Private loans: loans from banks or other non-government sources

If you need to use private loans, consider all of the costs. Private loans can have origination fees, different ways of compounding interest, and higher interest rates than government or federal loans. You should also know your credit score. The lower your score, the higher your rate will likely be on a private loan. If you are an undergraduate student, you will almost definitely need a co-signer to be approved for a private loan. Fees and penalties can be higher with private loans than with government-backed, or federal loans, and your repayment terms may not be as favorable.

When choosing a student loan, investigate your options carefully. Consider the following:

• Total cost of the loan (after all of the interest and fees have accumulated)
• APR, or annual percentage rate, and fees
• Borrower benefits (such as cash back or interest rate reductions if you make payments on time)
• Deferment options