Federal vs Private Student Loan
You must meet the requirements of a personal loan before applying. As a result, you will need excellent credit and sufficient money to repay them. Many students do not have either, so a parent (or someone with superior income and credit) typically applies for the loan or co-signs it with the student, making both parties 100% responsible if they do not pay back the loan.
A newly issued federal loan has a set interest rate, but private loans might have changeable rates. As a result, you are taking considerably more risk—if interest rates rise significantly, your required payment may.