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A private student loan is a financing option for higher education in the United States that can supplement, but should not replace, federal loans, such as Stafford loans, Perkins loans and PLUS loans. Private loans, which are heavily advertised, do not have the forbearance and deferral options available with federal loans (which are never ...
Federal loans. Private loans. Type of interest rates. Fixed rates only. Variable or fixed interest rates. Loan amounts. Up to $57,500 aggregate for undergraduates, up to the full cost of ...
Federal student loans limit the amount you can borrow. Limits range from $5,500 yearly for a first-year financially dependent student to $20,500 for graduate and professional students. Private ...
Distribution of student loan debt in the U.S. Loan limits are below the cost of most four-year private institutions and most public universities. Students add private student loans to make up the difference. [16] The maximum amount that any student can borrow is adjusted as federal policies change.
Federal student loans are usually best, but you may still need private loans.
The direct subsidized loan with the maximum amount of $5,500 has an interest rate of 4.45%, while the direct plus loan with the maximum amount of $20,500 has an interest rate of 7%. [45] As for private loans, there are more options like fixed interest rates, variable interest rates, and income-based monthly plans, whose interest rates vary ...
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