If you need money to pay for your education, you may qualify for a student loan. Unlike personal loans or mortgages, your eligibility for a student loan does not necessarily depend on your credit record. For the most part, your lenders — in this case, colleges, universities, private lenders, or the federal government — may consider the following, instead:

• Your enrollment as a student — usually at least half time — at an accredited college or university
• Your eligibility for federal aid, if applicable
• Your demonstration of financial need
• Your history of student loans

Depending on your level of financial need, you may qualify for a subsidized loan. That means that the government will cover the cost of interest, as long as you’re in school at least half time, or your loans are in the grace period or in deferment. If you cannot demonstrate sufficient financial need, however, you may take an unsubsidized loan, which means that you’re responsible for all of the interest that accumulates.