Thanks to the federal student loan, more people are now able to attend college that would otherwise not be able to. The federal government decided decades ago to make college student loan money available at low interest rates to every citizen willing to attend at least half time at an accredited higher learning institution. And since the loans are guaranteed by the government, student loan repayment is often much easier than it would be with loans from private institutions.
Although federal student loan funds were originally only available to students in great financial need, the government now makes loans available to all students in attendance. There are different college student loan programs available for those in greater financial need, though, which do not accrue interest while the borrower is still attending school. With these subsidized loans, interest is not charged until the borrower begins student loan repayment.
If it weren't for the federal student loan programs that are available today, many of the people running our country wouldn't have gotten the education necessary to do their jobs. As long as the government continues to provide college student loan money at reasonable rates, more people will continue to get a higher education even though they and their families don't have a lot of money. And as long as the government makes student loan repayment so easy with consolidation, deferment and forgiveness programs, borrowers will be able to make the most of their education.