Although the terms on private student loans vary by lender, should you have difficulty making your loan payments, federal student loans generally offer more flexibility and repayment
options than private student loans.
Federal loans don't require a credit history or a co-signer, and they offer more generous protections for
borrowers than private student loans do, such as income - driven repayment and loan forgiveness.
While rates vary by lender, Discover Home Equity Loans has rates starting at 4.99 % *, which is competitive with Government offered solutions and many times better
than private student loan lenders.
If there is anything your parents are a victim of here it is the terms and conditions they agreed to when they took out the loans and they are lucky these are federal loans with options rather
than private student loans with no repayment alternatives.
Federal student loans tend to offer lower interest rates and more lenient repayment
plans than private student loans, which is why federal aid is often a good first choice.
However, since federal education loans are less expensive than and offer better
terms than private student loans, you should exhaust your eligibility for federal student loans before resorting to private student loans.
However, since federal education loans are less expensive than and offer better terms
than private student loans, you should exhaust your eligibility for federal student loans before resorting to private student loans.
While federal loans are often easier to obtain and can have better terms
than private student loans, it is still necessary to know all of the benefits as well as challenges that may accompany them.
More students are applying for the FAFSA to qualify for federal financial aid and to receive federal loans that have better interest rates and more flexible repayment terms
than private student loans.
Most student - athletes are eligible for federal student loans, which often have lower interest rates
than private student loans and don't require a credit check.
Typically, fixed rate student loans come with a higher interest rate
than private student loans, but charge the same rate for the life of the loan.
Additionally, federal student loans have lower interest rates
than some private student loans, making the cost of borrowing for your education less expensive.