Many college students seek loan money.
Fortunately, college student loans can come from two different sources. For some of those loans, the government is the lender.
Other college student loans allow borrowers to receive money from a private lender.
The source of funds for a college loan does not alter the expectations of the student who is awarded that loan. Every lender of a college student loan has certain obligations.
Every lender of such a loan needs to supply the borrower with certain information. For example, anyone who receives one of the college student loans should receive a detailed repayment schedule.
Yet a borrower looks for more than just a repayment schedule. A borrower needs to know the loan rates and the loan fees. A person who is awarded one of the college student loans should also be provided with information about the balance owing on the loan and the payment options. Once the borrower has paid the loan in full, then he or she should get written confirmation of that fact.
