If your savings, grants, and scholarships still fall short of what you need to pay for college, you and your family should consider these college loan options:

Federal Loans

Federal loans are the largest source of student loans. You and your family can get these loans through private financial institutions such as Sallie Mae.

These loans have more favorable terms than private loans. So, get all the federal loans you can before looking into private loans.

Private Loans

Private loans are designed to supplement federal loan programs. You can get these from your school or from private financial institutions.

Depending on the lender, private loans (alternative loans) terms can vary considerably based on your credit history.

Other possible loan sources include home equity loans, lines of credit, life insurance, and retirement plans.

Consolidation Loans

Consolidation loans may save you money, if you're already paying back student loans or are in your grace period.

Loan consolidation refinances multiple loans into one new loan with a new repayment term, monthly payments, and interest rate.

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