Getting a federal loan is a very good thing; anyone would agree with that. However, the most common misconception is that the loan is given by the government directly to the students, and after they have graduated, they do not need to pay This may sound misleading, but in fact it is what many people believe is the way it works.
A federal loan is usually given through an institution, usually a common financial institution that the students know of. This loan can be divided into two different forms; the subsidized and unsubsidized student loan. So how does an unsubsidized loan differ from a subsidized one? Technically, the subsidized student loan and unsubsidized student loan do not differ much in nature.
Similarities
Firstly, both the subsidized and unsubsidized student loan is equally guaranteed by the US Department of Education. This can be either directly or through certain guarantee agencies. All students are equally eligible to receive both the loan types, although certain distinction may apply to determine the subsidization. But there is no distinction of credit scores or other financial issues, except for the factor of family income.
Secondly,...
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