Student loans are low interest loans provided to students and parents so that they are able to pay for the cost of education easily. You can apply for direct loans from the federal government and you can choose from the many repayment options to repay the loan taken. These loans are managed by a loan servicer and are under the supervision of the U.S Department of Education. Before you apply for any type of student loans and personal finances, it is important that you gain knowledge about the eligibility requirements so that you may be able to apply for it easily. If you are not able to get a loan approved by the federal government you can choose to apply for private loans and grants. The eligibility criteria for getting private loans and grants may vary from that of the federal loan. You may also have to pay a higher interest rate on the loans. This makes such loans expensive. Repayment plans for student loans The direct loan has various types of repayment plans that are