Will you be starting college soon? Will you be starting next year? If you are, you are probably frantically trying to get the money together to pay for it. College is expensive and you probably won’t be able to pay for it with the money you make from one summer job. You’ll need to look for scholarships and grants, and save every penny you make.

Some people are lucky enough to be born into a rich family or have parents that were able to set aside money in a college fund. Others are super smart and able to land a full ride scholarship to the college of their choice.

For the rest of us, we have to come up with the money on our own. Even after attending a community college or going to a state school, getting all the scholarships we can, and saving up all the money we can, some of us will still come up short. Those who do have to take out loans.

For some people, ‘loan’ sounds like a dirty word, but in fact, even a mortgage is a loan, and most people will have to take out a mortgage if they ever want to buy a house. If you want a college education, taking out some loans as a last resort will not kill you. If used correctly, it will give you a huge career boost and help you later in life.

Government student loans are the first place you should look. They will always have the lowest interest rate compared to private loans, and especially compared to credit cards. The Stafford Loan should always be your first choice.

The Stafford Loan can be used for any 2 or 4 year college, university, or trade school. It must be used for tuition and you can borrow up to $4,000 each year. You can choose either a subsidized or unsubsidized loan.

If you are in great financial need, you can get the subsidized loan in which the government will pay the interest on the loan until six months after you graduate. If you don’t show great financial need, you can still get the unsubsidized loan in which the government won’t pay any interest.

If you need to take out a loan for college, the Stafford loan should be the first place you look. It can help considerably. Just make sure you know you will have to pay it back and that you have a plan to do so.