![]() ![]() Terms of private loans vary according to the lender, but a good credit history is usually required to qualify. The major difference is that the federal government does not guarantee private student loans. ![]() Considering the rising cost of higher education, and because federal student loans have limits, many students find that they need to borrow additional money from a private lender. In addition to borrowing from the federal Stafford loan program, many older students are also applying for private or alternative student loans to help pay for tuition and other education expenses not covered by federal financial aid. While the federal government guarantees these loans, students must first complete and submit a FAFSA (Free Application for Federal Student Aid) form in order to be eligible to receive any type of federal financial aid. Federal student loans like the Stafford loan allow students to borrow money at a low, fixed interest rate. There are several different types of student loans available to borrowers. ![]()
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