Student loans overview
Let’s face it – student loans are probably the least exciting part of going to college or grad school. But for many students, they are a necessity. In order to make sure you graduate with the lowest debt burden possible, know the facts and compare your options!
Student Loan Facts
- Payments on all federal student loans and most private student loans can be deferred while you're enrolled in school.
- Federal loans should be used first because they offer fixed, low interest rates. They include Perkins, Stafford, Parent PLUS, and GradPLUS Loans. All require you to fill out the FAFSA (Free Application for Federal Student Aid).
- Private loans can be used if you find that the borrowing limits on federal loans aren’t enough to cover your college costs. They are taken out from a private lender in the student’s name, usually with a co-signer. These loans usually have variable interest rates and higher borrowing limits.
Compare your loan options
- There are many lenders available, and interest rates, fees, and other terms can vary widely from lender to lender, so it really pays off to compare among them.
- Use SimpleTuition’s loan comparison tool to search, compare, and apply for the best student loan for you.
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