The majority of college students cannot pay their tuition out-of-pocket. They either receive assistance from parents, or they apply for a Federal student loan. Then again, a few students don't want to accumulate thousands of dollars of debt - especially since it'll take many years to repay the balance. Thus, they apply for grants or scholarships.
However, if you don't qualify for a grant, or you're denied a scholarship, a Federal student loan is the next best thing.

Here are three top benefits of a Federal student loan.

1. Easy Approval: Unlike private student loans or hardship loans, anyone can obtain a Federal student loan. These loans don't involve credit checks, and approval isn't based on need.

2. Negotiable Terms: Repayment on Federal loans doesn't begin until six months after graduation. Still, graduates can negotiate a longer grace period, or take advantage of loan forbearance. This provision temporarily stops payments due to economic hardships.

2. Low Interest Rate: If applying for a private student loan, expect to pay a higher interest rate. On the other hand, Federal student loans involve low, fixed rates. Thus, payments remain predictable and affordable.