In most large companies, your career depends to a large extent on your educational qualifications, but a getting a college graduate degree is expensive. There are only a limited number of scholarships available and even these do not cover all college expenses like tuition, books,lodging and boarding. Taking student loans is often the only option for students interested in getting a college graduate degree.
Though federal funding is available for students in college, the borrower has to agree to the terms and conditions which are stringent and the loan amount may not cover all expenses. Private student loans are more flexible. Students can apply for these loans at any time of the year and repayment for private student loans can be deferred till the students completes graduation and gets a job.
Most of the applicants for the students loans are students who are studying for a graduate degree but college loans are also available for post graduate students and parents of the students. Both federal and private consolidation loans allow the borrower to repay all loans to a single agency and often reduce the amount to be repaid.