What is the Difference between Getting a Federal Student Loan and a Private Student Loan?
by:
Michael SaundersAttending college is a milestone, but can also be extremely expensive. With some options already in mind, you may want to look at the student loan alternatives that are available to a college undergraduate. Student loans can be very tricky, and are very confusing to most. In many situations, families are accepted for all different kind of loans and then are left in the dark when it is time to pay it back or fail to realize that they owe as much due to accrued interest.
With high interest rates and very unforgiving payment plans, it is best to know what options are available to you prior to being seduced by college lenders with promises of fast money.
You may already be somewhat familiar with the terms ‘Federal Student Loan’ and 'Private Student Loan'; these are the two most popular type student loans being used today. Do not let the terms deceive you, as they do not sound very different, they come with very different stipulations and payment approaches when it comes time to pay the money back. A student loan is anything that is aided to the student or their family from the government or school the student plans to attend. These loans the student will pay back with interest at a later date.
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What is the Difference between Getting a Federal Student Loan and a Private Student Loan?
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About The Author
The author edits a site featuring Grants for Education and another Government Grants site providing info on every grant the federal government offers.
Michael Saunders has an MBA from the Stanford Graduate School of Business.
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Additional Resources
category - Education Grants
Museum Grants for African American History and Culture ProgramThe Institute of Museum and Library Services has established a funding opportunity to support the Museum Grants for African American History and Culture Program wherein they intend to provide the African American museum staff with added knowledge and ability in all the areas of management, operations, programming, collections care, and other museum skills.
Are You Eligible To Receive A Federal Student Aid?The Department of Education offers several types of educational financial assistance such as grants, federal loans, and work-study programs. It is very much essential for student to determine which type of assistance will best suit his/her financial needs.
Early-Grade Reading Improvement Interventions ProgramIn line with this mission, the USAID has developed the Early-Grade Reading Improvement Interventions Program wherein they seek to solicit interventions that would improve the reading achievements in the early grades in Latin America and in the Caribbean region.
Education Grants for High Achieving StudentsAcademic Competitiveness Grants assist those undergraduate postsecondary students that have completed a meticulous course of study in high school. Financial grant assistance is provided on need-basis to help these students meet their educational expenses.