DEBT RELIEF LAW CENTER
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Higher education is an investment in one's future; and it can be expensive. Student loans fall into two categories, federal loans and private loans.
Federal loans, which are subject to oversight and regulation by the federal government, include:
Private loans, sometimes referenced as “alternative loans,” are offered by private lenders and do not include the benefits and protections available with federal loans.
Private Student Loans
Private companies may offer you loans and other forms of financial assistance for your education. They often use direct mail marketing, telemarketing, television, radio, and online advertising to promote their products.
Paying for education is a major, long-term financial obligation. Therefore, comparing the costs of different ways of financing your education is so important. Private loans tend to have higher fees and interest rates than federal government loans. Private loans also do not offer the opportunities for cancellation or loan forgiveness that are available on many federal loan programs. So it makes good financial sense to exhaust your federal loan options (as well as grants and scholarships) before considering loans from any private companies.
To learn more about federal government loans, visit www.StudentAid.gov.
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