After so many efforts to find money for studies that doesn't need to be repaid, many families turn to education loans to help pay for their education. Education loans make your education dreams come true -- whether they're dreams for your own future or the future of your son or daughter. Whatever your dreams, you can find education loans that can help you make them come true. We are here to help families plan and pay for college. We help students and families with career decisions, select colleges, navigate the financial aid process, and find resources. 

Education loan is basically an advance of funds to a student for the purpose of financing a college or vocational education.

Guide for educational financial aid:

• Search everywhere you can for scholarships and grants.
• Contact the admissions offices of the schools you're considering.
• Get all your admissions information and school applications.
• Learn more about federal education loans.
• Get financial aid information from each of the schools you're considering and be sure to ask about deadlines for applying for aid.
• Start the financial aid process by getting a Free Application for Federal Student Aid (FAFSA). Also, obtain financial aid forms from the college financial aid office.
• File your FAFSA, or the needs analysis form your school requires to determine if you're eligible for financial aid.
• After you file your FAFSA, you should get a Student Aid Report (SAR) in the mail. Make sure the information in the report is correct, and sign it. Then return it to the school or schools you're considering. You should get an award package from each school with details on the types of aid you qualified for. These types of aid could include grants, work-study programs, or Federal Stafford Loans. At this point in the process, you may want to apply for a Federal Stafford Loan by either downloading the Federal Stafford Loan Master Promissory Note.
• Complete your Stafford Loan Master Promissory Note and return it to your school by their deadline.
• If your parents are helping you with a federal loan, they should fill out the Federal PLUS Loan Application.
• If federal loans don't cover all your education costs, look into private loan options. Private loans can help bridge the gap -- and you can even borrow money for a computer to use at school.

Education loans are available for : 

• High School Students
• Undergraduate Students
• Graduate Students
• Parents
• Adult Students
• International Students
• Financial Aid Administrators

Types of education loans: There are 3 basic types of education loans to choose from:

1. Government loans or Federal loans: The education loans provided by government are called federal loans or government loans. There are three main types of federal loans:

• Federal Perkins Loans (Perkins loans are awarded to students based on extreme financial need, and usually have very low interest rates. The total funds available to be disbursed for these loans is limited, however, which means that the amount of the loan will likely be relatively low. One important thing to note about these loans that they are reported to a credit bureau, which means that if you are late on payments, or default on your loan, it could damage your credit.)
• Federal Stafford Loans or Federal Student Loans (These are awarded based on financial need and are regulated by the federal government. They can be obtained from a bank, credit union, or directly from the government. There are three kinds of Federal Stafford Loans to choose from: Subsidized Federal Stafford Loan, Unsubsidized Stafford Loan & Additional Unsubsidized Stafford Loan.)
• Federal PLUS Loans or Federal Parent Loans for Undergraduate Students (These loans are available to parents whose children are attending college as full or half-time undergraduate students. They are awarded based on credit history and cost of attendance. The interest is low on this type of loan, but repayment usually begins within 60-90 days after full disbursement of the loan, or after the student graduates.)

2. Private loans: The education loans provided by private firms are called private loans. If you don't qualify for federal loans, then you might consider looking at private lenders. Every private company has its own private loan programs, but some, that are common to most of them, are :

• LAWLOANS (LAWLOANSare alternative loans specifically for law students.)
• MBALOANS (With MBALOANS you can finance the entire cost of your graduate business education by combining a MBALOANS stafford loan with the MBALOANS private loan.)
• MEDLOANS (MEDLOANS is a comprehensive loan program designed to meet the needs of medical students. The student loan program was developed by the Association of American Medical Colleges (AAMC).)
• Signature Student Loans (The Signature Student Loan is a privately insured, credit-based loan. In this student is the borrower. It is available to students who need funding beyond the federal loan program.)

3. Consolidation loans: It is a type of loan in which all of your eligible federal student loans are combined into one single loan. This usually lowers your minimum payment amount. It is of 2 types: 

• Direct Consolidation Loans (Direct Loan Consolidation is available from the Federal Government through the Direct Loan Program and is available to borrowers who:
  a) currently have an outstanding balance on a Federal Direct Loan. 
  b) have outstanding FFELP loans but attended an institution that participated in Direct lending.
  c) apply for FFELP consolidation but cannot find an acceptable income based repayment plan for their new FFELP consolidation loan.)
• Federal Consolidation Loans (Federal Loan Consolidation is also available from the Federal Government & it is designed for borrowers with at least $10,000 in outstanding loans, a Federal Consolidation Loan combines two or more existing student loans into a new loan with a single, low monthly payment and an extended repayment period.)