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Whats the difference between a Federal Stafford loan and a private loan?

April 26, 2017Federal loan private Stafford

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Whats the difference between a Federal Stafford loan and a private loan?

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A. A Federal Stafford loan is a low interest federal educational loan that does not require a credit check. A private loan may have higher interest and fees which are determined by the students, or co-borrowers credit history.

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A. A Federal Stafford loan is a federal loan available to help students pay for their education. These educational loans have low interest rates and require no credit check. A private loan is an unsecured loan made by a lender which may have higher interest rates, but the rate will be determined by the students (or co-borrowers) credit history. Q.