<p>I mean I understand that both of them are loans, but what is the point of of doing the fafsa could i just get the exact same loan from a bank on my own, how does it differ</p>
<p>Student federal loans (Stafford and Perkins) do not require a credit history or a cosigner. Student loans from a private bank will require either a credit history or a cosigner with a credit history.</p>
<p>Some student loans may be subsidized if there is financial need. If the loan is subsidized the govt pays the interest until the student graduates or drops below half time.</p>
<p>Interest rates on subsidized student loans may be lower than private loans. This year sub Stafford loans are 4.5% and Perkins are 5%.</p>
<p>swimcatsmom,</p>
<p>The letter from FAFSA only indicates the Pell Grand that we may recieve, but subsidized/unsubsicized lone and any others. Do we expect to get these info from school?</p>
<p>Thank you very much.</p>
<p>All your financial aid information will come from the school. It is the school that determines and awards federal aid including loans, grants etc.</p>