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There aren't many people who can pay for college out of their paychecks right now. The recession has hit nearly everyone on the planet; and some harder than others. Student loans are the key to gaining the education you need to secure your future.

There are several types of student loans out there. It is important that you know the difference before applying. The first place any perspective college student should go is the Federal Student Aid, otherwise known as

FASFA. This is basically your one stop shop for all of your education financing needs. Once you fill out your FAFSA, you receive a Student Aid Report (SAR). This number determines your eligibility for federal funding. The nice thing about starting her is that you can also aply for grants, scholarships, and internships; all at the same time.

I've had a lot of people ask me, "Isn't it better to save up, then go to college?" My answer is always no. Think about it. The average four year degree costs around $45,000. f you qualify for grants, that number will reduce by about $18,000. The remaining $27,000 can be financed through loans. If you are making enough to save some cash each month towards college; than this "extra money" can be put towards your loans while you attend college to avoid accruing interest. However, there are subsidized loans, which do not accrue interest while you are actively in school.

Now, when college is complete in 4 years, you will have a degree and a wealth of knowledge at your finger tips. The doors available to you will be more visible, and you will have an edge on the competition. You then can get a start on your career and leave that dead-end job behind you. Thus, allowing you to pay back those loans without a problem. Perhaps you will decide to return for a Masters and increase your earning potential further?

However, if you had waited. If you had deposited that $50 a week into your savings account, waiting for it to build into enough to even think about applying for college. With a simple annual interest rate of .05%, you would have around $3,150 toward your college education. This is hardly enough for your first year.

Here's an added benefit of utilizing student loans to pay for your college education. Credit. You have nothing in this economy if you don't have credit. Even if you don't qualify for the federal student aid, you can still apply for personal loans. As you pay back these loans, your credit score will increase. With an increased credit score your horizons widen. You are no longer trapped in that tiny little apartment, the crumby car, or the raggedy couch. With credit comes power, and one sure fire way to increase your credit is through student loans. There is one out there for everyone.

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