Through the Federal Family Education Loan Program (FFELP), both you and your child can apply for special low-rate loans. These loans include:

• PLUS Loans: With these low-rate federal loans parents and graduate students can borrow up to the cost of education, minus financial aid. Financial need isn't an issue, but credit guidelines apply in determining eligibility.
  
  
• Stafford Loans: Your child might qualify for a Subsidized Stafford Loan, where the government pays the loan's interest while he or she is in school. Or, they can get an Unsubsidized Stafford Loan no matter what your family's financial need or income level. These loans give your child the option of deferring interest payments.

If you're interested in federal loans, it's important to review the step-by-step Federal Loan process.

And remember, if you're concerned that the amount you get from federal loans isn't enough to cover all your tuition needs , you can always bridge the gap with private loan options from SunTrust. Or, explore other ways to finance your child's tuition.