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There are several types of private student loans, including degree-specific loans, international student loans, bad credit loans, state-specific loan programs, income share agreements, parent ...
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 ...
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.
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
[15] [16] [83] Private loans may be difficult to discharge through bankruptcy. [84] Private loans are made to students or parents. They have higher limits and no payments until after education, although interest starts to accrue immediately and the deferred interest is added to the principal.
Forfeiture of federal benefits: If you choose to consolidate federal student loans with a private loan, you lose access to federal loan benefits. These include income-based repayment plans along ...