College is an important part of every education in this day and age. Companies have begun expecting those who they hire to have at least a basic college degree, and it is very hard to get a job that pays above minimum wage without one. Because college is so important, so is planning for college. Planning for college includes figuring out where to attend as well as how to pay for it, because tuition is not cheap -- the average total tuition now totals about $109,000, not including room and board. A student loan is a practical way to pay for a college education, and the method that most students use.

Tuition, room and board, and books are the costs that most students think of when they think of college costs. However, there are fees that many people overlook. One is freshman orientation, which is often around $100. Another is study abroad enrollment expenses, which may cost $800 or more. Colleges often call this a maintenance fee. Another is a technology fee for use of computer labs and printers, which may be between $130 and $445. Extracurricular activities, although it may seem like they should be free, may also cost up to $270. Even parking can cost from $400 to $600 and health care can cost up to $2,400.

Unless one finds a scholarship that covers the full cost of tuition as well as room and board, it is unlikely paying for college can be achieved without a student loan. There are two main types of private loans. The first is a private education loan. The purpose of this is to bridge the gap between the amount the student can contribute toward their tuition and the actual cost of the education. Usually a student turns to this when government loans do not provide enough money for his or her education, which is often the case. This type of loan is less expensive than credit card debt, so is a good option. The interest is usually variable, with the interest decided by an index such as London Interbank Offered Rate (LIBOR) the Prime Lending Rate. The interest rates and fees are based on the student’s credit score, and applying and signing the loan with a cosigner usually lowers the interest rate. The student can typically defer these loans until he or she is done with college, at which point he or she can consolidate any separate loans into one to lower monthly payments and decrease interest. It is also to save money by starting to pay back the money while in college.