Did you know that you can get loans to pay for your college education, even if you're an adult?

Finding the money to fund your continuing education can feel daunting, but the federal government can provide you with a loan to help pay your bills. The U.S. Department of Education has several different loan options that you can choose from, depending on your financial need and credit history. With a little help from Uncle Sam, you can be well on your way to beginning that continuing education program you've had your eye on. We know it's been a while since you considered doing this for yourself, or perhaps did it with your kids, so here is a refresher.

The first order of business is to fill out the Free Application for Federal Student Aid (FAFSA) online. The FAFSA will indicate whether or not the government determines you have a financial need for a federal loan. If you are eligible for a loan, you will need to sign a promissory note, which is a binding legal document that lists the borrowing conditions and repayment terms for the loan.

Federal Perkins Loans

One type of loan you can receive from the government is a Federal Perkins Loan. This is for undergraduate and graduate students who are enrolled in school either part-time or full-time. Your eligibility for this type of loan depends on financial need, the amount of any other aid you are receiving and the availability of funds at the school you are attending.

Undergraduates can borrow up to $4,000 per year, with a maximum of $20,000, while graduate students can borrow up to $6,000 per year with a maximum of $40,000. The maximum payout for graduate students includes the amount of aid you received as an undergraduate. Interest rates for Perkins Loans are at 5 percent, and you will have no other fees to pay on the loan.

With a Perkins Loan, your school serves as the lender, and you make your repayments to the school. Your school usually pays out the loan in two payments directly through a check, or deposits the money into your school account. The loan gives you up to 10 years to repay, depending on how much you have borrowed.

Federal Stafford Loans

Two different types of Federal Stafford Loans are available to undergraduate and graduate students who are enrolled in a program at least half-time: one is the Federal Family Education Loan (FFEL), and the other is the William D. Ford Federal Direct Loan Program. Each carries a fixed interest rate of 6.8 percent. Each allows borrowers to take between 10 and 25 years to repay the loan, depending on the repayment plan and amount borrowed.

FFEL Stafford Loans and Direct Stafford Loans can be either subsidized or unsubsidized. In order to be eligible for a subsidized loan, you must prove that you have a need for the financial aid. The U.S. Department of Education will pay the interest for the loan while the student is in school at least half-time and for a six-month grace period after the student has finished school.

An unsubsidized Stafford Loan does not require you to prove that you have financial need for the loan. Instead of the government picking up the bill, you pay the interest. You can choose either to pay the interest while you are in school or during a period of deferment.

Undergraduate students in their first year of school can borrow up to $7,500, with no more than $3,500 of that amount in subsidized loans. In the second year of school, undergraduates can borrow up to $8,500, with no more than $4,500 of that amount in subsidized loans, while students in their third year can borrow up to $10,500, with no more than $5,500 of that amount in subsidized loans.

The maximum undergraduates can borrow for their education is $46,000, with no more than $23,000 of that amount in subsidized loans. Graduate students can borrow up to $25,500 in their first three years of school, with no more than $8,500 of that amount in subsidized loans. Graduate students can borrow as much as $138,500 as long as no more than $65,500 of that amount is in subsidized loans. However, the limit for graduates includes any loans received for undergraduate study.

The difference between FFEL Stafford Loans and Direct Stafford Loans is the identity of the lender. The federal government is the lender of Direct Stafford Loans, so you repay the government. However, you must find a lender--such as a bank, credit union or other private lender--for an FFEL Stafford Loan.

When seeking out a lender, speak with your school to see which lenders are on their preferred list. The lender you choose should meet certain requirements. First, the lender should be able to service all your loans. They must also offer low interest rates and terms that you can deal with. You will want to look for a simple repayment plan, as well as for benefits for paying on time or electronically. A good lender will also have exceptional customer service for any questions you may come up with.

PLUS Loans

The federal government also offers two types of PLUS Loans for graduate and professional degree students, both of which require that you have a good credit history. Repayment is to begin when the last portion of the loan has been paid out. FFEL PLUS Loans carry a fixed interest rate of 8.5 percent, while Direct PLUS Loans carry a 7.9 percent interest rate. Before applying for a PLUS Loan, you must apply for a Stafford Loan to determine your financial need.

FFEL PLUS Loans have the same lender and repayment situation as the FFEL Stafford Loans, just as the Direct PLUS Loans have the same lender and repayment plans as Direct Stafford Loans. Students cannot take out both types of PLUS Loans, and both types carry a fee of up to 4 percent of the loan.

As you can see, the government is making an investment in students of all ages. It wants you to succeed as much as you do, so take advantage of that good will. All you need to do is figure out which loan option best works for you. After all, you've got other financial responsibilities-perhaps feeding a family or paying off automobile loans or mortgages or any other obligations-to worry about. Fortunately, you do not have to be an 18-year-old high school graduate to get some help paying for your education.

For more information on how you as an adult can receive financial aid for your higher education schooling, go to http://www.studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp.