The FAFSA, Free Application for Federal Student Aid, must be completed. You will then receive your Financial Aid Award Letter from the government stating what types of Federal Aid you qualify for. If you need additional funding to cover your tuition and other college expenses, a private student loan is an option you may want to consider. This type of loan cover all types of expenses incurred while attending college, from tuition to food and rent. Private loans sometimes require a cosigner if you have not established a positive credit history. Repayment begins after graduating.

Federal loan consolidation is backed by the government and allows you to consolidate all existing federal loans in to one consolidation loan. Benefits include lowering your annual percentage rate as well as your monthly repayments and making a single payment each month instead of multiple payments to several loan companies. Private student loan consolidation is offered by many lending companies and serves the same purpose as federal consolidation, but applies only to private student loans.