To be sure you’re getting the education loan that’s right for your needs, it’s important to shop around – and make sure you keep in mind these basics about education loans.

1. A loan advertised as a student loan may still require a co-borrower. Many of these loans also charge a higher variable interest rate. The Federal Stafford Loan allows the student to borrow limited amounts without a co-borrower, and it has one of the lowest interest rates around. The MEFA Loan allows the student and parent to be co-borrowers, and each are equally responsible for repayment.

2. A co-borrower is equally as responsible for a loan as the primary borrower, in most cases. Many traditional private education loans require a co-borrower. Make sure all borrowers on the loan understand how the loan will be repaid, and keep all addresses and contact information current.

3. Deferred loans will cost more than immediate repayment loans. Your monthly payment may be lower by borrowing an immediate repayment education loan, and the overall cost will be significantly less. Learn more here.

4. Variable interest rate loans will likely increase as interest rates begin to rise in the economy. Before you borrow a variable interest rate loan, make sure you know the interest rate cap. Most fixed interest rate loans charge the same interest rate and monthly payment for the life of the loan, regardless of changes in the credit markets.

5. Fine print matters! Education loans aren’t one size fits all, so be sure to research and ask questions to help you decide which loan product is right for your financial situation. What are the fees? Do all qualified borrowers receive the same interest rate, or do borrowers with better credit receive a lower rate? Are there penalties for early repayment? What’s the penalty for a missed or late payment?