Bruce Mesnekoff encourages students to always make a thorough study of the pros and cons of student loans before actually applying for it. There is no doubt that there could be no other better choice than to acquire a student loan, especially in these times when tuition fees have skyrocketed. However, there are two kinds of sources for student loans. You could go for federal student loans or you could opt for private loans. It is obvious that, unlike the federal student loans, the private ones are provided by the banks and other financial institutions that are not government-owned or controlled. It is best that you learn about the difference of the two types of student loans.
According to Bruce Mesnekoff, the federal student loans are much cheaper compared to private ones. The reason behind this is that the federal loans have fixed interest rates while the private loans are on the contrary. The private student loans could even have interest rates that could reach 18 percent. This alone should tell you why it is not advisable to get student loans from private banks and lending corporations. Even Bruce Mesnekoff would remind you about the wisdom of just opting for student loans provided by the federal government through its concerned agencies.
Another major difference between the two types of student loans is that with the federal one you are obliged to start repaying only after you have graduated. Of course, you may start repaying while you are in school but this is not compulsory. On the other hand, when it comes to private student loans, you are supposed to start paying back even while you are still in school. If this is the case, according to Bruce Mesnekoff, you may not be able to focus much on your studies as you would already worry about your monthly installments even while you are still in college.
While you are still in the process of applying for a federal student loan, you would not have to worry about the possibility of credit checks. This is because, unless you are going for PLUS loans, there would not be any. With private student loans, you would surely be subjected to a credit check. Because of this, there is the possibility of your application being denied. With the advantages of federal student loans over the private ones, it is obvious that the former is a much better choice. Bruce Mesnekoff himself recommends federal student loans.
For Further Assistance You Can Contact Student Loan Expert from Florida Mr. Bruce Mesnekoff
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