If you have already decided that a student loan will pay for parts of the college experience, you next step is for you family and you to decide what is a reasonable debt after college to pay off.

An average student has around $19,000 in student debt when graduating college, many people think that less than $25,000 in student debt is a reasonable amount after graduation; this is however something that needs to be talk about before applications are send out.

Now that you have found your loan limit its time to find the right loan program that fits your needs. Federal loan programs like Perkins and Stafford loans will get you the lowest rates. Perkins loan at 5 percent are some of the cheapest student loans available, but they can be hard to get approved for as only the students with the greatest financial needs are approved.

Most students will go with the Stafford loans at a fix rate of 6.8 percent, and a borrowing limit of $23,000 for undergraduate education.

Now that you have determined you debt amount and your loan supplier, the next step is to submit a FASFA application. The Free Application for Federal Student Aid (FASFA) must be submitted before you can apply for federal loans.

Three to four weeks after filing your FASFA you will receive, in the mail, a copy of your Student Aid Report (SAR). Approximately one to two weeks after you receive your copy of the SAR, look for a financial aid award letter from your school detailing how much aid you are eligible for and in what form that aid will take.

After receiving you Award letter its time to apply for your Federal Loans online Stafford or Perkins and again wait for your approval letter in the mail.

After you have found the right loan type you should also have a look at the federal grants that are available. A grant is federal aide that does not have to be repaid after graduation.

The final alternative students have to federally funded loans is to seek out private student loans to pay for college. This type of college loan is becoming more popular because federal loans have simply not kept pace with the rapidly rising cost of college tuition.

Sallie Mae has a private college loan program offered through select lending institutions or lending partners. The nice thing about their program is that it is privately insured and based on credit history.