If you're committed to getting a college education and eventually earning more money, a loan may seem like going in reverse. However, you can apply for a loan to pay your college costs and postpone repayment of the loan until you are out of school.

Many loans do not accrue interest until you have your certificate, which gives you the opportunity to land that great new job before you have to repay what you owe. Learn the differences between the most popular loans offered to college students.

Stafford and Federal PLUS Loans
The Federal Stafford Loan is the most common loan used to finance educational costs. The information you submit on the FAFSA helps your school determine your eligibility for this loan. The type of loan you receive varies depending on your income as well as whether you are a dependent or independent student.

The annual loan limit for a freshman still dependent on a parent or guardian is $2,625, and the loan limit for an independent freshman is $6,625. If you qualify for a subsidized Stafford loan, the government will pay the interest on the loan while you are in school and for a six-month grace period after you graduate. Find more information on Stafford Loans here.

Parents of dependent students can also borrow funds to pay for student education costs through the Federal PLUS Loan Program, which offers unsubsidized loans with a capped variable interest rate. Find more information on Federal PLUS Loans here.

Perkins Loans
The Federal Perkins Loan looks a lot like the Stafford but is awarded by your school based on the information you submit on the FAFSA. If you qualify for the Perkins Loan, however, you have a longer grace period to pay the loan back, no up-front fees, and a low (5%) interest rate. Perkins Loans are awarded to students with the highest financial need. Find more information on Perkins Loans here.

Private Loans
Private loans are awarded by banks, companies like Nellie Mae, and other companies dedicated to providing loans to students and parents. While Federal loans are guaranteed based on income, private loan eligibility usually depends on a credit check. Because of market competition, many private loans come with benefits such as online access, direct deposit, and interest-only payments. Students attending expensive four-year colleges or law schools are most likely to take out private loans. Find more information on private loans here.