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.