College education in the US is getting more expensive every year. Data issued by the College Board, a not-for-profit organization that helps students prepare for college admissions, reveals that the cost for a year of college for an in-state student is $20,090. If you are from out of state, the amount that you will have to pay will be about $34,220. A large number of students pay for their higher education with borrowed money. But loans are becoming expensive. Interest rates on federal loans were recently raised to 4.45% per year from 3.76%. Private student loans cost even more: But rising college costs and more expensive loans don’t deter Americans from using borrowed money for their college education. There are currently 44 million Americans with outstanding student loans. The total amount payable is a massive $1.4 trillion. What are the different types of loans that you can get and how much do they cost?