@tito_thompson Student college loans come in many forms, whether private or federal. Depending on your financial situation, you may be qualified for a loan that can help you pay for school. Paying down the principal of a loan makes it easier to pay off later, and in the long run, it saves you money.
FEDERAL STUDENT LOANS
The federal government provides student loans under the Direct Loan Program and the Federal Family Education Loan (FFEL) Program. Most people use the Direct Loan Program because it is more flexible and available to many borrowers. The Direct Loan Program provides loans to students, parents, and spouses who did not borrow a Federal PLUS loan when they enrolled in school. The student's loan under this program must be repaid (with interest) after graduation. Interest is added to the loan's principal while you are still in school, and you may begin repaying your loan as soon as you receive it.
PRIVATE STUDENT LOANS
Private student loans are an excellent option for those who need to finance more than the cost of their education. Private lenders may offer more competitive loan rates than federal loans do. There is also a wide range of loan options, like single payment plans or variable interest rate loans. The lender will arrange for student loan deferment or forbearance if you have trouble making payments. You should always read the fine print and understand any loan terms.
The Federal Student Loan Program has been popular among students for several years. Federal student loans offer students low-interest rates, flexibility, and options in repayment plans. Private student loans provide extra benefits to those who qualify, such as a fixed rate of interest and no fees for late or missed payments.