 TITLE: Should I Use a Personal Loan to Pay for My Education? CONTENT: Start With Federal Loans\n------------------------\nThere are two types of student loans you can get: federal and private. In most cases, federal loans are the better choice between the two. Here's why:\n*   Federal student loans typically charge lower interest rates than private loans, especially for undergraduate students.\n*   The U.S. Department of Education doesn't require a credit check for most borrowers.\n*   Federal loans come with several benefits most private lenders don't offer, including access to loan forgiveness programs, income-driven repayment plans and generous forbearance and deferment options.\n*   Undergraduate students with financial need may qualify for subsidized loans, which the federal government will pay the interest on as it accrues while you're in school at least half-time, during the six-month grace period after you leave school or fall below half-time enrollment and during future deferment periods.\nYou can find out how much federal loan money you qualify for by filling out the Free Application for Federal Student Aid (FAFSA). Your school's financial aid office will use the information listed on the application to provide a financial aid package, which will include your student loan eligibility for that school year.\nThat doesn't mean you should never consider private student loans, though. In some cases, federal loans and other forms of financial aid may not be enough to cover your full cost of attendance, and private loans can help bridge the gap—but proceed with caution.\nPrivate loans may also be worth considering if you're a graduate student or a parent of a student and have excellent credit. In this scenario, you may be able to qualify for a lower interest rate than what the federal government charges. END