Student loans are the best friend for the student who doesn't have good financial status. It helps them by providing money to pay for the high college fees. In the reputed college and universities fees are very high and every student is not able to pay the high tuition fees. If you have completed your school and planning to attend college then you can consider student loan even if you have bad credit history. There are many private lenders that provide loans for student with some eligibility criteria. They usually expect the student to be either unemployed or doing a part time job. If you are unemployed then you have a good chance of getting the loans.

There are also government aid program like Free Application for Federal Student Aid (FAFSA) that also provide loans for the unemployed student. In many colleges they offer scholarships and grants to the student. By taking these grants and scholarship student can cover their fees and expenses. If you apply for the loans from federal loans then it will pay only the college fees. You have to manage your other expenses on your own. For the federal loan you have to fill the FAFSA application and they will provide you the loan amount on the basis of your family income and college cost.

You can also find private lenders that provide loans for student but with high interest rate. If you are unemployed then also you can apply for the loans for student. Private lender checks the credit history before giving the loans to the student. If you have bad credit then you can use a cosigner with good credit history for taking the student loans. There are also no cosigner student loans but it is given to those students who have good credit history. It is considered to apply for the student loans with no cosigner because if you use a cosigner and don't pay the loan amount on time then your cosigner has to pay the rest of the loan with some penalty.

The interest rate for the private loans is slightly high as compared to federal loans. But the main advantage of private student loans is that it covers all your college expenses, fees that you need. The repayment period is also very long and you can pay your loan after 5 to 10 years. The repayment period starts after you complete your graduation.