You need more money for college. Do you whip out your credit to pay tuition or do you apply for a federal student loan. It is time to weigh out the options.

• With a federal loan, your interest rate will be low (around 5.125) and your payments will be deferred for 6 months after graduation.

• With a credit card, the interest rate can be as high as 21%. Interest begins accruing almost immediately, and you need to begin paying off the bill the next month.

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Federal Education Services, a federal student loan funding company, offers a Graduate PLUS Loan Program that extends directly to graduate and professional students the same benefits that traditional PLUS loans extend to the parents of undergraduate students. The Graduate PLUS loan is a federally sponsored student loan that offers generous borrowing limits. Graduate and professional student borrowers can cover the full cost of their graduate education (less any financial aid received), including tuition, room and board, books, supplies and even computers.

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