Student Loans

There’s no hiding the truth. Going to college in America can be incredibly expensive.

First, consider any federal student loan options available to you. When it comes time to apply for a private student loan, do not assume that all private student loans are the same. Benefits can vary by lender, and some lenders offer more repayment flexibility than others. Unsure how to choose a student loan and lender?

We created Scholly to address this very problem, and we’re proud of the more than $100 million dollar in scholarships students have won over the years. But we know scholarships are just one of the ways students pay for college, and that for many students, loans are essential for making the college dream a reality.

Student Loans: Choosing A Loan That's Right for You


If you're considering student loans to help you pay for school, you're not alone - many students need loans to cover their full cost of attendance. In 2010, 67% of bachelor's degree recipients used loans to pay for their education. But the more money you borrow now, the higher your monthly loan payments will be after you graduate.

If you have to take out student loans, comparing your options can help you find the student loan best suited for your needs.

Fill Out The FAFSA

In order to get financial aid and student loan options, you must fill out the Free Application for Federal Student Aid (FAFSA). The deadline for the FAFSA may vary by state, so be sure to check the deadline at Your information will be sent to your school and you will receive a letter outlining if any loans are available to you, and for how much.

Interest Rates

There are two types of interest rates – fixed and variable – and most lenders offer both options. However, when it comes to the actual interest rates, don’t assume that all lender’s rates are the same. Some lenders can offer better pricing options.

Because each student has unique financial aid needs, no single lender is a good choice for everyone.

Starting With Federal Student Loans

More protections often come with federal student loans, including the ability to reset or extend grace periods, depending on the type of loan and the reason. You also have more options when it comes to default with a federal loan.

Another reason to begin with federal loans is the fact that you don’t have to worry about your credit situation or about having a cosigner on your loan.