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Undergraduate students can expect to pay 5.04 percent in interest on new Stafford loans instead of the current 4.45 percent. Graduate students will see the interest rate on new Direct loans climb from 6 percent to 6.59 percent.

Student loans can be very expensive to pay off, especially for people who are working low-income jobs. The loans are waived off as these people are providing a valuable service to the community.

Loan forgiveness is an option for students in which part or all of debt is waived off by the financial institution if the applicant is unable to pay debts.

Citibank, Wells Fargo, Sally Mae, Sun Trust, and Chase are among banks that provide student loans. There are other noted credit unions that may offer loans on certain conditions.

Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. They also provide an opportunity for alternative repayment plans, making monthly payments more manageable.

These loans normally don't require a credit check or a cosigner, making them the easiest student loans to obtain without a cosigner.