What are my private student loan options?

Compare Private Student Loans to Federal Stafford Loans

Federal Stafford loans are federally-funded, fixed-rate student loans available to undergraduate and graduate students. Federal Stafford loans are among the least expensive loans available to students who need to borrow money for college.

When your financial aid package falls short of your needs, you may want to consider supplementing your federal student loans with a private student loan.

  Private Student Loans Federal Stafford Loans
Lender Bank, credit union, financial institution, state agency or college/university U.S. Department of Education
FAFSA Required? No Yes
Loan Limits Full cost of attendance minus other financial aid received Subject to annual and lifetime loan limits
Interest Rates
  • Fixed and variable options available
  • Rate based on credit-worthiness of borrower and cosigner
  • Undergraduate: Fixed at 4.66% (2014-2015)
  • Graduate/Professional: Fixed at 6.21% (2014-2015)
Cosigner Required? Yes, unless borrower has a strong credit history No
Loan Fees Typically 0% to 5%, depending on lender and borrower credit 1.073% (2014-2015)
Repayment Plans Vary by lender Many options available, including plans based on income
Suspending Repayment Typically 1 year of forbearance, depending on lender 3 years of deferment and 3 years of forbearance available, if eligibility requirements are met
Cancelling Repayment Very limited options Multiple forgiveness and discharge options available
What are my private student loan options?