There is a great amount of different educational loans, but they are commonly divided into the two main types: federal and private loans. If you can not afford the education of your child, you can take a Parent plus loan (a federal one). This loan is worked out for the parents who can not cover the tuition fees of their children because of the difficult financial situation. You may take Perkins loan (a federal one), it is very advantageous loan, as the interest rate of it is very low, but the biggest sum available when such a loan taking is $4,000 per year. If it is enough for you, you are welcome. While you are taking federal loan, your credit history is not of a great importance, but when you are applying for the private loan, you will be obviously asked about your credit history, and if you do not have such, they will ask you to bring a co-signer. While obtaining a federal loan, you do not have to pay back money, until you do not finish the educational establishment, and when it comes to the private loans, the interest rate and fees of such loan are big, and you have to pay back your money immediately.
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