Monday, August 2

private student loans

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How long does it take to get a student loan? It depends on whether you take out a federal or private loan

You'll apply for a federal loan through FAFSA, and a private loan through the lender's site. The application process can take as little as three minutes for a private student loan. Federal funds will usually be disbursed at the beginning of each academic term. Read more coverage from Insider's Personal Finance team here. You may need to apply for student loans if you don't have enough money to pay for a semester of school in full. When you take out a loan, there are a few factors that determine how quickly you'll receive the money.First, it depends on how long it takes the lender to process and approve your application. Then it will take a certain amount of...
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Federal student loans often come with lower interest rates and better protections than private student loans

Federal student loans and private student loans have different benefits and drawbacks. Generally, federal loans are a better deal as they offer more protections and lower fixed rates. However, federal loans come with origination fees, while most private lenders don't charge them. Read more coverage from Insider's Personal Finance team here. You should always try to take advantage of free or lower-cost financial aid, like grants, scholarships, or work-study programs. But your aid package might not always come with enough money to cover the cost of college. That's where student loans come in. Student loan debt has ballooned as educational expenses have contin...