Between school, work, and your family obligations, paying for your education might seem like more of a challenge than it needs to be.

By taking a student loan from the government or a private lender, it may be possible to pay for your education with no obligation to repay the loan until you graduate or leave school. Some loans do not accrue interest while you're in school, giving you the opportunity study without worrying about your finances. Here are the most popular types of student loans.

Stafford Loans
The Federal Stafford Loan is the most common loan used to finance educational costs. The government pays the interest on the Stafford Loan while you are in school, saving you money in accrued interest. Your school uses the information you submit on the FAFSA online to determine your eligibility for this loan. Your total Stafford funding amount depends on your income and educational costs as well as your student status. Dropping below half-time status will automatically initiate the repayment grace period on the loan. Find more information on Stafford Loans here.

Perkins Loans
A few critical differences separate the Federal Perkins Loan from the Stafford Loan. Both are funded by the Federal government, but the Perkins Loan is awarded and paid out by your school, and you should think of your school as the lender.

The Perkins Loan offers a longer grace period before repayment begins, no up-front fees, and a low interest rate. Perkins Loans are awarded to full-time and part-time students with the highest level of financial need, as determined by information submitted on the FAFSA. Like the Stafford Loan, the Perkins Loan repayment grace period begins after you drop below half-time status, graduate, or leave school for any reason. Find more information on Perkins Loans here.

Private Loans
Banks and other lenders offer private loans to students in a variety of amounts. Private loan eligibility usually depends on a credit check. You do not have to demonstrate financial need for private loans like you do with the need-based Federal loans. Students attending expensive four-year educational programs, medical schools, or law schools are most likely to take out private loans. Find more information on private loans here.

Because Perkins and Stafford Loans feature lower interest rates than private loans, try for them first. If you still need to bridge the gap between your financial resources and your education, private loans may be the best next step.