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Key takeaways. Private student loans are specifically designed for education expenses and are offered by various lenders such as banks, credit unions and online lenders.
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 ...
If you're planning on borrowing money for college, you'll have plenty of company. Nearly 45 million Americans hold $1.71 trillion in student loans. Before you take on what could be decades of debt,...
Federal student loans. Private student loans. Interest rates. 5.50% to 8.05% for loans disbursed before July 1, 2024. 6.53% to 9.08% fixed for loans disbursed after July 1, 2024
Direct-to-consumer private loans were the fastest-growing segment of education finance. The "percentage of undergraduates obtaining private loans from 2003–04 to 2007–08 rose from 5 percent to 14 percent" and was under legislative scrutiny due to the lack of school certification.
An education loan is a loan taken out by the student (or parent) to pay for educational expenses. Unlike scholarships and grants, this money must be repaid with interest. Educational loan options include federal student loans, federal parent loans, private loans, and consolidation loans.
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