Applying for a student loan, especially if it’s your first time is going to be a chore in itself.  From calling to getting information from all of the companies online, there’s so much to the process.  The thing that every potential college student wants is the greatest interest rate possible and while this may be hard to find, there are a few steps you can take to find and compare all of the student loans that you come across.

Use the internet – The first thing you’re going to want to do is take advantage of the Internet.  The Internet is a wonderful tool to find all the information you need.  My word of advice is to use tools like SimpleTuition that allows you to put in all the information and they will do the dirty work.  Websites like this will contact the loan companies and they will contact you to give you a quote.  This is a lot easier than finding a company by yourself.

Know the averages- A good way to know you’re not getting ripped off is by checking the national averages.  If you can get a loan under that average rate, you’re on the right path.  If the company you’re going to get your school loan with seems a little fishy, they probably are.  Check out Bankrate.com’s student loan average chart.  You can get a lot of information from this chart alone.

Know what loan you want – Don’t just apply for the first loan you come across.  There are so many type of loans out there that you can be eligible for.  If you’re looking to apply for a private loan, you may find that a PLUS loan may be more beneficial for you and your school.  We did a feature on the different types of student loans out there.  Be sure to compare more than one type of loan, you’ll be surprised at the results.

In the end, my rule of thumb is that you check out the averages on what kind of loan you want.  If your rate falls below the average, you’re getting a good loan.  If not, be sure to keep shopping until you’re happy.  Finding a school loan shouldn’t be a two hour process.  Instead, you should set some time aside and really work at it.  You’re going to be living with this loan for a while, so make some use out of it!