The importance of education cannot be denied. However, getting a good education today requires a lot of money. For a student from an average economical background, a good education could be quite out of reach without external financial help. In such circumstances, obtaining a student loan is the best option for him or her. This is a loan that is taken out to pay for the borrowers college education. These loans have a payback period spread over a relatively long time, and carry lower interest rates as compared to other kinds of loans.
Student loans can be sponsored either privately, or by the government. Of the two, government-sponsored loans are preferable because they offer lower rates of interest. The other advantages are that the interest paid on a government loan is tax deductible, the repayment can sometimes be deferred if the borrower goes back to school and, in certain cases, the loan can even be forgiven. Private loans on the other hand, whether secured or unsecured, are treated no differently from other types of loans, and have to be paid back similarly.
A good credit rating is necessary for securing a student loan, and a bad credit rating would adversely...
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