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Federal Student Loans
For many college kids, federal student loans are absolutely essential. I was one of those kids. I came from a pretty poor background, and without a federal student loan I wouldn't have been able to get into college. Even better than the federal student loans, however, was the free federal scholarship. It is amazing how much money you can get for college if you have the right knowledge of the system. My parents were not really knowledgeable about such things, coming from rural Virginia. Nonetheless, I had an uncle who knew all about it. He pointed me in the direction of a number of college scholarships and, after applying for a few, I finally struck it rich. I wasn't able to get a full ride, but pretty nearly so.
There are many different student loan federal programs out there. It all really depends on your background, education, and opportunities. It is unwise, however, to limit yourself purely to federal student loans. A lot of times, the best loans actually are based locally. For example, someone who goes to a particular high school, strikes it rich, and tries to give back to the community might make a student college loan available to low income residents in a particular city. There are other student college loans set up for people from a particular race, ethnic background, or people interested in a certain area of study. Keep an eye out there. Federal student loans are definitely where to start looking, but they are not where to stop looking.
Of course, all of the advantages of federal student loans can turn to disadvantages pretty quickly if you don't repay them. Even federal loan repayments can be a pretty onerous burden on students after a while. This is why it is so crucial to get a good, high-paying job right out of college. Get the best thing that you can. You can always work a job that you enjoy more after you get ahead in your loan repayments. For first couple years, you need to just concentrate on putting your nose to the grindstone and working as hard as you can.
Fortunately, if you are having trouble paying your federal student loans back, you can often negotiate a deal. For example, if you study further, or if you are able to show demonstrable economic hardship, you can often get federal loan refinancing. It doesn't always work, but it is worth a try if you are in a dire situation.
Summary
Federal student loans are a necessity for many students wanting to go to college. They are easier to get than other types of loans, although the pay off can be really high over time. As long as the student gets a high paying job after graduation, the expense is worth it in the long run.
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