Students who look for financial aid during studies either go for federal student loans or private student loans. Federal student loans are offered by the US government, which can be availed directly through banks, student loan lenders, school, or from Federal Family Education Loan program otherwise known as FFELP. Federal loans are offered with very low interest rates, longer repayment periods, and various kinds of repayment options with easy credit requirements than the private loans. In case of federal subsidized student loan, the interest is paid by the government to the financial institution when the student has been studying and also during the grace period. A federal loan may not be enough to cover all the expenses of the student and in that case, the student might have to take a private student loan to supplement his needs. It has to be remembered that, certain fees are deducted from the federal student loan amount, which means the student will not get the full loan amount applied for and should only take the actual amount into account while preparing the budget.
There are different kinds of federal direct student loans from different institutions. Hence,...
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