What are private and federal student loans?
Student loans are provided both by private and federal lenders. Private lenders conduct various checks and need documentation for the approval. But federal loans need no credit checks. The student need not have any credit history at all to avail a federal loan. Some student s get as much a 10 year forgiveness provision as well, where they could defer repayment of the loan till their disposable income reaches certain fixed value. Student loans prove to be a boon with their fixed interest rates, when compared to rising rates all over, especially with rising inflation where cost of living continuously increases. Students are given ample opportunity to make themselves self dependent and rise up by virtue of their merit alone negating financial setbacks.