Comparing A Federal And Private Student Loan
Knowing the difference between a federal student loan and a private student loan will help you as you begin searching for the finds to get through college. Most common type of student loans is the federal student loan. This is a loan that is applied for through the federal government and is handed out through a company guaranteed through the government. In order to qualify for a federal student loan you have to fill out a FAFSA application and get a credit check to be approved for this type of loan.
If you do not qualify for a federal student loan, you can always opt for a private student loan. This type of loan is funded through a company that is privately owned and is not guaranteed by the federal government. The private student loan will have a higher interest rate than federal loans, but there does not have to be a credit check. This will vary from company to company, but it is typically easier to get a private student loan through a private company. The money received through a private student loan can be used towards other school expenses besides tuition. This can include books, room and board, etc.
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