Given all of the options for loans, it may seem daunting to select the right ones for you. Before you apply for a loan, understand the difference between subsidized and unsubsidized loans. Depending on your financial need, you can get a subsidized or unsubsidized federal loan.

A subsidized federal loan has the lowest interest rates that are subsidized by the government while you are in school. This is helpful because you do not have to start repaying back your debt until you are done with your education.

An unsubsidized loan requires the borrower to pay the interest on their loans during the life of the loan -- even while you are in school. While you can let the interest accrue, you will eventually have to pay it back in full.

When choosing a loan, here are some essentials to look for: a low interest rate, an easy way to manage and pay your loans, helpful customer service and a repayment plan that works for you.

Remember, the only way to make an informed choice is to ask questions. Here is a list of questions to ask a loan counselor as you choose a loan:
--If approved, how long will it be until I receive the funds? Will I receive the full amount at once?
--Can the funds be direct deposited into my account?
--When do I have to start repaying the loan?
--Given the amount of my loan, how long will it take to repay it and how much will the monthly payments cost?
--What will my monthly interest be once I start repaying my loan?
--Do you give an interest reduction for payments automatically taken from my bank account?
--Are there any other benefits for me?
--Will I be able to change my repayment plan during my repayment period?
--If I lose my job or cannot get a job right after school, can I forbear my loans? Will I be penalized for forbearance? What will the interest be like at that time?
--Is paying and managing loans easy to do with your website?

For more advice on loans, check out Project on Student Debt's Advice to Borrowers or U.S. Department of Education.