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Student Bank Loans
A student loan that comes from a bank is not a government-approved loan. Rather, it is a regular loan with the word student attached.
The Benefits of Bank Loans
- Many students can earn a bank loan even if they do not qualify for government funding.
- You can often take out a personal line of credit
- With a personal line of credit you will only have to pay back the money that you actually spend.
- Banks are often easier to deal with than government organizations
Drawbacks of Bank Loans
- Sometimes bank interest rates are higher than government interest rates
- You might not get a one or two year grace period after finishing university before having to begin repaying your loan
