Any stress a student feels should come from their studies – not finances.

Despite financial aid, scholarships and grants offered by NIU, students are often left to personally pay the remaining balance.

Independent providers, such as banks, can offer loans to students to pay the remaining balance of their college expenses.

Banks offer a variety of options and can customize loans, depending on the status of the student.

Factors such as the number of credit hours and class level can help assure that students receive the right loan at the right rate.

Kenji Amos, World Financial Group financial planner, suggests students first search for federal loans, as these often offer lower rates than private loans.

“Federal loan interest rates are often lower and the credit is often better than when applying for private loans,” Amos said. “But there is no guarantee.”

If students decide to pursue private loans after other choices have been exhausted, options are still available. Depending on the bank the student chooses, the rates and fees may change.

“I suggest you have a co-signer for student loans. This can help you receive lower interest rates, especially if your credit is not that good,” Amos said. “Currently, a 5-8 percent rate is about where most interest rates for loans are going to fall. Don’t agree to an interest rate higher than 8.25 percent.”

With private loans, payments do not begin until six months after graduation, and unlike federal loans, students are offered up to a 30-year repayment program with most providers.

“You really have to do the research,” Amos said. “Don’t be afraid to seek a financial aid adviser or shop around for rates offered from different sources.”