For increasing numbers of parents, a federal loan is just the beginning.

Federal loans are a major contributor to student financial aid in the U.S., and for good reason: all college-bound students are eligible for federally-backed loans. They're guaranteed by the government, they offer low interest rates, and they're supervised by the United States Department of Education.

There are various types of federal loans, including Perkins Loans, Stafford Loans, and unsubsidized PLUS Loans for parents. The amount you can borrow depends on a number of factors, including the number of years in school and whether the federal loan you have taken out is subsidized or unsubsidized.

The first step to securing a federal loan is to submit the Free Application for Federal Student Aid (FAFSA) between January 1 and June 30 in advance of the academic year. The government uses the information in the application to determine your eligibility. (Go to www.fafsa.ed.gov for more information and to complete the FAFSA.)

When federal loans are not sufficient to cover the full cost of education, private loans like the Laurel Collegiate Loan are often used to make up the difference. A Laurel Collegiate Loan can cover many kinds of education-related expenses, from books, to lab fees and a laptop. Laurel Collegiate Loans bridge the ever-widening gap between federal loans and what it really costs to go to school.

Of course, you can use a Laurel Collegiate Loan with or without a federal education loan. As you compare loan options, remember that qualification for a Laurel Collegiate Loan is based on credit-worthiness, not hardship or financial need. With a Laurel Collegiate Loan, you decide how much you need¹ and the check will go directly to your child in as few as five business days. You can even be preliminarily approved in as little as 15 minutes.