There are different types of Loan services. The statement is true regarding how private and federal loans use your credit score is that only private loans look at your credit score.
- There are a lot of differences when comparing federal loans vs private loans. A major difference is that federal loans are given by the government and private loans are given by banks, credit unions, etc.,
There are are a lot of limitations placed on federal financial aid. In their proceedings, one can only borrow a certain amount per year. The private loan company always pay attention to details especially credit score.
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