Determine whether the loan is for an undergraduate degree or graduate degree. Some federal loans are only for undergraduates, such as the Federal PLUS Loans. This loan is for parents of undergraduate students and a credit check of the parents is needed.
Check for federally funded loans on your paperwork. Federal Perkins Loans and Federal Stafford Loans are the two loans for both undergraduate and graduate students. Both have fixed rates and are low interest loans. These are common loans for college students.
Look for information about the loan being subsidized or not. A subsidized loan means the government will pay for the interest while the student is at least a half-time student. In order to receive this, you would have had to fill out financial aid forms to show your income level was low enough to receive it.
Examine the loan documents for bank or credit union names. Banks, credit unions and other private institutions offer private loans to parents and students. They are typically taken out in the student's name with the parents co-signing. The entire cost of attending college can be taken out this way and interest can be capitalized, or added to the principal of the initial loan. The interest rates are variable and are based on credit history.
Contact your loan provider or college institution. Most schools have financial aid counselors who can answer questions, and loan providers must give you information concerning interest rates and payment schedules.