If it seems impractical to begin your adult life in debt, the statistics might make you reconsider. According to the Census Bureau, those with bachelor's degrees earn almost $1 million more in their lifetimes than those with only a high school diploma; it's also estimated that college graduates bring home 75% more each month than non-graduates.

Educational loans, both federally subsidized and private, often don't require repayment until you're out of school. Only students attending school half time or more are eligible for student loans.

Stafford and PLUS Loans
The Federal Stafford Loan is the most common student loan used to finance education. Information you submit on the Free Application for Federal Student Aid (FAFSA) is used to determine your eligibility for this loan. The maximum annual Stafford Loan for a dependent freshman is $2,625, while a independent freshman can receive a maximum of $6,625. If you qualify for a subsidized Stafford Loan, the government pays the interest on the loan while you're in school and for a six-month grace period afterward. Find more information on Stafford Loans here.

Parents of dependent students can also use the Federal PLUS Loan Program to borrow funds to pay for student educational costs. The Federal PLUS Loan offers an unsubsidized loan with a capped variable interest rate. See Federal PLUS Loans for more information.

Perkins Loans
After you submit your FAFSA, you'll find out if you qualify for a Federal Perkins Loan. Significant financial need is required to qualify for a Perkins Loan with a 5% fixed-interest rate and a nine-month grace period to repay the loan. See Perkins Loans for more information.

Private Loans
You can also apply for personal educational loans from banks and other lending organizations. While federal loans are guaranteed based on income reported on the FAFSA, personal loan eligibility usually depends on a borrower's credit. With personal educational loans, you can pay the interest while you are in school or the interest accrues and is added to the principle, but payment of the principle can be deferred until you finish. Personal loans supplement federal educational loans and other financial aid. See private loans for more information.