1) Educate yourself about different student loans available. Student loans are classified as Federal and Private. There are hundreds of providers of student loans so you’ll want to do your research in advance before making the final decision.

2) Prepare documents in advance. It’s better to understand the procedures and requirements involved for different loans so you can prepare them ahead of time. Submitting all your requirements on time will speed-up the approval of your student loan application.

3) Check your chances for scholarships or grants. Applying for a scholarship program or a government grant will enable you to save significantly on your education. Check your chances to qualify.

4) Check out Federal Student Loans. Federal Loans are student loans sponsored by the government so they have lower rates than Private Loans. See if you’re eligible to apply for a subsidized or unsubsidized Federal Stafford Loan or if your parent qualifies to apply for a PLUS loan.

5) Fill up your FAFSA application carefully. The Free Application for Federal Student Aid (FAFSA) is the standard form used for Federal student loans. Make sure that you’ll be providing the complete and correct information as any errors can delay the processing of your approval.

6) Shop around for Private Student Loans. Private Student Loans come with different rates and terms so you’ll want to make sure that your provider requires reasonable charges. More importantly, you’ll want to make sure that your Private Student Loan company is legitimate and reliable. (Check out Tuition Wise , a private student loan lender)

7) Carefully consider your school. Take the time in choosing your college as well. Although prestigious schools are often preferred, don’t forget to consider you options for less-known schools that offer outstanding education with affordable tuition.

8) Consolidate your student loans. If you applied for both Federal and Private loans or more than one student loan, consider consolidating them into one. Student loan consolidation will allow you to manage your loans more easily and focus on your payments.

9) Be aware of your tax privileges. Check your opportunities to file for tax exemptions. If you’re qualified for a write-off, make sure that you’ll include it on your filing.

10) Stick to a fixed-rate loan. A fixed rate protects you from sudden changes on the interest of your student loan. Some variable student loans may start very low only to balloon in the middle of your loan’s term. You’re better off with a loan that you’ll know exactly how much you’ll be paying for regardless of the Index Rate in the market.

*More tip: Be realistic on how much you really need. Don’t borrow more than what you need or what you can afford to pay.

Don’t use your student loan for expenses outside your education. Your student loan should support your studies, not your personal whims.

Keep all your student loan records in a safe place. A complete file of records (correspondence, loan notices, etc) will surely come in handy when you need references.

Organize your prepayment plan. Make it a point to start paying off your student loan early. Save your cash and pay the interest on your student loan faithfully.

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