When you take out a student loan, you're committing to paying back the money once you put your degree to work after graduation.
Some private lenders require payments while you're still in school. Private student loans require credit checks and accept co-signers.
With federal student loans, payments aren’t due until the student graduates, leaves school or changes enrollment status. Credit checks aren't always required, and there are several repayment plan options.
You should borrow what you need for the whole school year once per year. You can apply for a student loan in the middle of the semester, but only if you haven’t already gone over your borrowing limit.
Getting a student loan without a co-signer: To get a student loan without a co-signer, consider federal student loans first — most of these don’t require one. If you need additional financing, some private lenders offer loans without co-signers.
Getting a student loan with a co-signer: Your spouse, relative, guardian or friend can be a co-signer on your loan, but only one person can co-sign for a private student loan. For instance, if two parents are willing to be co-signers, only one can do it. Your co-signer is responsible for repaying the full amount of the loan if you default.