In a perfect world, you would be able to attend college and receive your degree without ever borrowing a single dollar. Unfortunately, this is not reality for most students. It is not uncommon for a student to borrow tens of thousands of dollars along the way, doing whatever it takes to receive a degree.

If the time comes to apply for a student loan, be sure to consider all your options. Here are some of the many advantages of federal student loans:

• Fixed interest rate. With this, you can be rest assured that your payment will never increase. Instead, you know what to expect every month until your loan is paid off.
• Option to repay your loans early, without the fear of a penalty. Did you know that many private lenders charge extra for repaying your student loans early? This is not something you want to concern yourself with. If you have enough money to repay your loans early, it is nice to be able to do so without being hit with a penalty.
• Ability to defer payments while you are in school. As long as you are in school a minimum of half time, you can put off paying your student loans. Keep in mind that interest may build during this time, depending on the type of loan.

These are three of the many advantages associated with federal student loans. Before you accept any type of loan, federal or private, compare the pros and cons of each one. Only then can you make an informed and confident decision.