Graduation has become a basic qualification that everyone should possess but the cost of
A federal loan is given by the government and carries no interest during the
They can be availed by both the parents and students. While millions have benefited by this program, there are still several problems associated with the same:
1)The federal loans have a lot of paperwork associated with them. It is a real hassle to wade through all these papers and documents.
2)You really have to answer a lot of questions satisfactorily before you can even be considered for this program.
3)You have to prove your financial need when you apply for this program. If you cannot adequately prove it, you may either not receive the full benefit of this program or you may not get the loan at all.
A private loan is given by private lending companies. Their terms are not so favorable as federal loans. Still people require the same as not everyone qualifies for federal loans. Even those who qualify may not be able to get the entire amount of money they require from the state loans.