Starting college is an exciting time. Taking control of your life and determining the course of your future is often the first step toward becoming a confident and capable adult. Once you have chosen a school and gained admittance, the next step is to figure out how to pay for your program.
For many students, this includes using college funds set up by their families, working part-time, applying for scholarships, and seeking financial aid. There are two main options when it comes to student loans: federal or private. What are the differences? Which one is right for you? Here are a few things every student should know.
Federal Student Loans
If you are eligible for federal student loans, you’ll find that they generally infer a host of desirable benefits, not the least of which is low interest rates. In some cases, these loans are even subsidized by the government, which pays a portion of your interest (while you’re in school and perhaps for a time after you graduate).