There are parents who cannot afford to send their children to college. These students are also unable to support themselves through college on their own. Most of these students do two things to support themselves through college. They get a job and they get a student loan. Student loans are specifically designed to help students put themselves through college. The money obtained from student loans can be used to pay for tuition, books and other living expenses in the university. In terms of interest rates, student loans have lower rates and students are also given 6 months after graduating from college before they start paying for the loan. They have ample time to look for a job before they need to start paying their loans. However, student loans do not get wiped out even if a person files for bankruptcy. It will remain active unless that person decides to repay the loan.