With a student loan, you can pay your college costs while you're pursuing your education and repay the loan when you graduate. Many loans do not accrue interest until you leave school, 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 Loan Program
The Federal Stafford Loan is the most common loan used to finance college costs. The information you submit on the FAFSA helps your school determine your eligibility for this loan. The amount of Stafford funding you receive varies depending on your income and educational costs as well as your student status.

If you qualify for a subsidized Stafford Loan, the government will pay the interest while you are in school. You must be enrolled in school at least half time to receive a Stafford Loan, and if you ever drop below half-time status, you'll be given a six-month grace period before you must begin repaying the loan. Find more information on Stafford Loans here.

Perkins Loan Program
The Federal Perkins Loan looks a lot like the Stafford. It is funded by the Federal government, but is awarded and paid out by your school. If you qualify for the Perkins Loan, you have 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 financial need.

Like the Stafford Loan, you must begin to repay the Perkins Loan nine months after you graduate or drop below half-time status. Find more information on Perkins Loans here.

Private Loans
Private loans are offered by banks and other lenders. While Federal loans are guaranteed based on income, private loan eligibility usually depends on a credit check. Many private loans come with benefits such as online banking, direct deposit, and interest-only payments. Students attending expensive four-year colleges or law schools or medical schools are most likely to take out private loans. Find more information on private loans here.

Because Perkins Loans and Stafford Loans have lower interest rates than private loans, they are usually your best bet but private loans will also help pay those educational bills.