In today’s economy, it’s so hard to find ways to afford college as it is to get into college, fortunately, there are several options for financial aid to help pay for college easier and have smaller payments after graduate.

1. FAFSA: The Free Application for Federal Student Aid, or FAFSA, as it’s known, is the first step in obtaining financial aid. A student’s eligibility for financial aid is determined by this application, and automatically compared to the current financial aid offers.

2. Perkins: A Perkins loan is a federal student loan that is targeted toward low-income families to help defray the costs of paying for an education above any financial assistance for the student to qualify. Perkins loans have a low rate of 5 percent fixed interest, allows the return of nine months of loan grace period after graduation, and through certain government programs such as the return of income based on the forgiveness of service public loan, student loan is more flexible.

3. Stafford: On the other hand, a student may request a Stafford loan. This type of loan is also geared towards meeting the educational needs of low income families and offers many of the same benefits as Perkins loans. The main difference is that the fixed rate is closer to 6 percent, repayment begins six months after graduation, and qualify for a higher income range.

4. Parent PLUS: For families who are not low income, Parent Loan for College Students (PLUS) is available. A good credit rating is needed, a fixed interest rate of 5.8 percent, and repayment must begin within 60 days of issuing the loan, although some families may postpone payment until graduation.

5. Hope Credit: In addition, once the college expenses reach $ 2,400 in a given year, you can use the Hope Credit to deduct up to $ 1,800 of taxes owed and, as an added bonus, you can use any expense degree, including those already covered by student loans (even if the refund has not started yet.)