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Know your student loan options

POSTED IN ARTICLES ON MONDAY, JANUARY 11, 2016

What are the differences between federal and private student loans?

You may need additional funds, such as a private student loan, to supplement federal student loans. But what are the differences?

Federal student loans

Private student loans

  • Fixed interest rate
  • Flexible repayment options
  • Limited amount you can borrow
  • Can shop around to find low rates
  • Allowed a co-signer
  • Can supplement your federal student loans

Before applying for a private student loan, complete the Free Application for Federal Student Aid (FAFSA). It is important to consider and apply for available federal and state aid, including federal student loans. Accepting a private loan before utilizing other types of aid available may decrease your eligibility for federal and state aid.

If you or your child needs more financial assistance to afford a college education, consider a private student loan from our partner, LendKey* .  We've partnered with LendKey to help offer an affordable way to pay for education expenses. View rates, learn more, and apply for a private student loan through LendKey.

Apply for a private student loan

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