IF you have just graduated from high school and you have a dilemma on how to continue going to college if you can’t capture that coveted academic or athletic scholarship, then worry no more. Student loans come to the rescue. Student loans in the United States now offer very minimal interest rates with as long as 30 years to pay. By that time, you may already be a multimillionaire due to the education that you’ve acquired in college.

The first rational step is to apply for a federal student loan, a government subsidy. It’s so simple. The government lends you based on your SAT score and the income bracket of your family. All you need to do is to apply for it. There are thousands and thousands of college freshmen in the United States today who are earmarked for a federal study grant their entire college life of eight semesters. Some are even extended to ten semesters because there are some curricula like the engineering programs which require the student to stay in college for one more year on top of the four undergraduate years. Then you can even reapply for another student loan if you will proceed to law or medicine upon graduating from basic tertiary education. For a federal student loan, the annual loan limit is $3,500. Suggested cosigners for either a federal or a student loan may be your parent.

But if what you’re currently enrolling is for a vocational school to enhance your degree in a related or unrelated field, then go for so-called continuing education loans. First of all, you must be a United States citizen before being eligible to apply for these loans. During the loan process, either the private or the government lender will have to review your student aid report before approving these loans. Never worry about this particular aspect in the loan process, it is speedy and routinary. All you need to do is submit the necessary documents proving your dependency and incapacity to pay. You must also pass your high school diploma, have a valid Social Security number and above all, already enrolled in the college that you are intending to study with. Of course, you must also certify to the lender that you will use the student loan to pay for tuition, laboratory, boarding, transportation and other miscellaneous education-related fees only and not spend this partying or barbecuing at home. Once in the college, you must not have a grade of F in any subject. But this is just a piece of cake since anybody who enrolls in college these days on his own is really serious to pass the program that he is intending to have a degree with. Other factors to be considered when approving a loan application are the family size, the number of relatives having student loans from that particular lender, etc.

The advantage of having a prestigious student loan lender is that you are assured that the lender will never be bankrupt during your four-year stay in the school. So what are you waiting for? Apply for a student loan now.