One reason a student may seek a federal student loan instead of a private student loan is that

private loans carry a higher interest rate than federal loans.
federal loans are obtained by banks, while private loans are backed by the government.
federal loans must be paid back more quickly than private loans.
private loans are only available to parents, while federal loans may be issued to the student.

Private loans are commercially-driven in that the interest rates attached are high when compared to federal loans whose primary aim is not income generation by the government instead to make place education at the reach of everyone.

The banks are not charitable giving since they set up to maximize wealth of their investors not to primarily help students in financial difficulties access education

ayokenny2001 ayokenny2001 · Answer 2 · 2021-12-09T13:07:09+01:00

Private loans carry a higher interest rate than federal loans.

Federal student loan are made available by the government which includes benefit such as fixed interest rate and and income driven repayment plan with terms and conditions usually attached.

Again, federal student loan are available to any student who meets lending standards, regardless of financial need.

However, Private loans are given by private organizations such banks, credit unions (terms and conditions set out by the lenders) hence are more expensive compared to federal student loan.

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