Before you sign those student loan papers, think again. Are you sure you're getting the most favorable terms you can get?

When it comes to getting a student loan the best source are loans from the Federal Government. These are preferable to loans from a private company operating outside of the Federal loan program. Here's why.

The best student loans are Perkins and Subsidized Stafford loans. These federal loans are generally the best because you will get a lower interest rate compared to a private loan company not offering federal loans. In many cases the interest on the loan will be paid by the federal government while you're in school. Usually, you will not need to make payments on the loan as long as you are in school. Typically payments start 6 months after you complete school. Your credit rating will not affect your interest rate with this type of loan. Finally, you'll often get a longer payback period (hence lower monthly payments) than with a private loan.

Think twice before signing those loan papers. A little research can make things much easier for you.