Many people face great money problems when it comes to paying for college studies. But there is a good solution for those problems and it is called college loan. People all over the U.S. have been given the opportunity to continue their studies, through college loan programs, even if their incomes are modest ones.What should you know about “college loan” chances? Well, first of all, there are various types of college loan. Secondly, you will want to give your expenses some thought if you are interested in covering them with your college loan. Depending on these expenses, you’ll have to choose the college loan that suits you the best. Most of the students ask for a college loan in order to pay their tuition and their courses, but you can also use the money from your college loan in order to pay for your room, your school supplies, your books, etc. Some college loans can be used for anything; as long as you pay your lender. He doesn’t care what you spend the money on. Of course, you shouldn’t forget that college loans must be paid back and with interest, too.Here’s a list of the types of college loan:- Federal student loan, also called Stafford loan – it is the most commonly used and can be of two types: subsidized and unsubsidized. In the first case, the interest of the loan is paid by the government, not by the student, but you must be in big debt in order to get the subsidized loan. The second type of federal student loan, the unsubsidized one has the interest paid by the student and is not deferred until after the student graduates.- The private student loan – can be given to anyone with a good credit score and can be used for any type of expenses. You should also know that this type of loan is unsecured. That means that it requires no collateral, but instead has very high interest rates.- Parent loan – can be taken by parents, and because they have good credit, the payoff and the interest rate are much lower.- College loan consolidation is used to consolidate all of your student loans. With college loan consolidation you can pay off to only one lender. Many students get the college loan consolidation after making the mistake of getting too many college loans, but college loan consolidation can be a positive move since nowadays college loan consolidations have low interest rates. Moreover, college loan consolidation is available to you regardless of your credit rating. Another advantage of college loan consolidation is that it is easy to obtain and, also, the fact that with college loan consolidation you get rid of the stress of being called about your late payments. Last, but not least, when applying for a college loan consolidation you should research and then choose a trusted company to handle your financial problems.If in the past, a student could consolidate his loan only after graduation, nowadays students have the possibility to use in-school consolidation loan. The in-school consolidation loan means that students who have not yet graduated have the chance to consolidate their loans. The repayment of the in-school consolidation loan is due to begin after the student leaves the school, just like with any consolidation loan. However, the difference consists in the fact that the in-school consolidation loan requires the borrower to give up the “grace period” of six months following school during which no payments are required. In-school consolidation loan is a good option for returning medical, b-school students and law students who have high loan balances and for whom in-school consolidation loan can result in the saving of thousand of dollars.Those students who already have a loan may consider refinancing, but this can be an option only for those who made their monthly loan payments on time. What you should take into consideration about refinancing is that it extends the period to pay off your college loan, thus you get to pay more. A good solution would be to pay more towards your monthly bill and, this way, you get out of debt quicker and at a lower rate.If you can’t keep up with your monthly payment, you should, also, consider a college loan deferment. This means that you get a suspension of payments due to very special reasons, like the fact that you are unemployed or in a rehabilitation training program for people with disabilities or suffering from economic hardship.