{"id":43455,"date":"2020-09-16T08:12:59","date_gmt":"2020-09-16T16:12:59","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=43455"},"modified":"2023-07-11T15:56:41","modified_gmt":"2023-07-11T22:56:41","slug":"5-benefits-of-federal-student-loans-over-private-loans","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/student-loans\/federal-student-loan-benefits\/","title":{"rendered":"5 Benefits of Federal Student Loans Over Private Loans"},"content":{"rendered":"<p>Federal student loans are backed by the U.S. Department of Education and offer unique perks that you won\u2019t find with private student loans.<\/p>\n<p>Some of the benefits of federal student loans include low interest rates, income-driven repayment options, and access to student loan forgiveness programs.<\/p>\n<p><b>Here\u2019s what you should know about the benefits of federal student loans: <\/b><\/p>\n<ul>\n<li><a href=\"#benefits-unique-to-federal-student-loans\">Benefits unique to federal student loans<\/a><\/li>\n<li><a href=\"#private-student-loans-can-help-cover-any-funding-gaps\">Private student loans can help cover any funding gaps<\/a><\/li>\n<\/ul>\n<p><a name=\"benefits-unique-to-federal-student-loans\"><\/a><\/p>\n<h2>Here are some benefits unique to federal student loans<\/h2>\n<p><a href=\"https:\/\/www.credible.com\/blog\/student-loans\/federal-student-loans-guide\/\">Federal student loans<\/a> offer several benefits and protections to borrowers. Here are a few unique benefits you\u2019ll enjoy with federal student loans:<\/p>\n<h3>No credit check or cosigner needed to take out a federal student loan<\/h3>\n<p>Unlike private student loans, most federal student loans don\u2019t require a credit check. Many undergraduate student loan borrowers don\u2019t have an established credit history, but as long as you attend an accredited school, you could still be eligible for federal student loans.<\/p>\n<p>All you need to do is complete the <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/applying-for-fafsa\/\">Free Application for Federal Student Aid (FAFSA)<\/a>.<\/p>\n<p>Keep in mind, though, that Direct PLUS Loans do require a credit check.<\/p>\n<p><b><i>Find Out: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/student-loans\/qualifying-for-financial-aid\/\"><b><i>How to Qualify for Financial Aid<\/i><\/b><\/a><\/p>\n<h3>Lower interest rates than private student loans<\/h3>\n<p>The interest rates on federal student loans are set by the government, which means they\u2019ll often be lower than interest rates on private student loans. Rates on federal student loans are fixed, meaning your rate won\u2019t change during the life of your loan.<\/p>\n<p>Here are the current federal student loan interest rates:<\/p>\n<ul>\n<li><b>Direct Subsidized Loans:<\/b> <span data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.055}\" data-sheets-userformat=\"{&quot;2&quot;:577,&quot;3&quot;:{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1},&quot;9&quot;:0,&quot;12&quot;:0}\">5.50%<\/span><\/li>\n<li><b>Direct Unsubsidized Loans:<\/b> <span data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.055}\" data-sheets-userformat=\"{&quot;2&quot;:577,&quot;3&quot;:{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1},&quot;9&quot;:0,&quot;12&quot;:0}\">5.50%<\/span> for undergraduate borrowers; <span data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.0705}\" data-sheets-userformat=\"{&quot;2&quot;:577,&quot;3&quot;:{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1},&quot;9&quot;:0,&quot;12&quot;:0}\">7.05%<\/span> for graduate or professional borrowers<\/li>\n<li><b>Direct PLUS Loans:<\/b> <span data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.0805}\" data-sheets-userformat=\"{&quot;2&quot;:577,&quot;3&quot;:{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1},&quot;9&quot;:0,&quot;12&quot;:0}\">8.05%<\/span><\/li>\n<\/ul>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Tip:<\/b> If you\u2019re considering a <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/federal-direct-plus-loans\/\">Direct PLUS Loan<\/a>, keep in mind that you might be able to qualify for a lower interest rate on a private student loan \u2014 depending on your credit.<\/div><\/div>\n<p><b><i>Learn More: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/student-loans\/federal-stafford-loans\/\"><b><i>Ultimate Guide to Federal Stafford Loans<\/i><\/b><\/a><\/p>\n<h3>Deferment on your student loan payments is available<\/h3>\n<p>Student loan deferment lets you pause the payments on your student loans. You could qualify for deferment if you:<\/p>\n<ul>\n<li>Experience economic hardship<\/li>\n<li>Go back to school<\/li>\n<li>Are in active duty military service<\/li>\n<li>Lose your job<\/li>\n<li>Experience a major illness<\/li>\n<li>Meet other criteria<\/li>\n<\/ul>\n<p>If you have subsidized loans, interest won\u2019t accrue during a deferment period. But if you have unsubsidized loans or PLUS Loans, interest will continue to accrue while your loans are deferred.<\/p>\n<p><b><i>Check Out: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/student-loans\/federal-vs-private-student-loans\/\"><b><i>Federal vs. Private Student Loans<\/i><\/b><\/a><\/p>\n<h3>Income-based repayment plans are available<\/h3>\n<p>With federal student loans, you have access to income-driven repayment (IDR) plans. If you sign up for an IDR plan, your monthly payment will be based on your income \u2014 which means your monthly student loan payment could be reduced.<\/p>\n<p>Plus, if you stick with your IDR plan, any remaining balance could be forgiven after 20 to 25 years, depending on the plan.<\/p>\n<p>Here are the four IDR plans available:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.credible.com\/blog\/refinance-student-loans\/pay-as-you-earn-repayment-plan\/\">Pay As You Earn<\/a><\/li>\n<li><a href=\"https:\/\/www.credible.com\/blog\/refinance-student-loans\/repaye\/\">Revised Pay As You Earn<\/a><\/li>\n<li><a href=\"https:\/\/www.credible.com\/blog\/refinance-student-loans\/income-based-repayment\/\">Income-Based Repayment<\/a><\/li>\n<li><a href=\"https:\/\/www.credible.com\/blog\/refinance-student-loans\/income-contingent-repayment\/\">Income-Contingent Repayment<\/a><\/li>\n<\/ul>\n<h3>Federal student loans can be forgiven<\/h3>\n<p>Federal student loans offer several potential paths to <a href=\"https:\/\/www.credible.com\/blog\/refinance-student-loans\/student-loan-forgiveness-programs\/\">student loan forgiveness<\/a>. For example, after 20 to 25 years on an IDR plan, where you are consistently making on-time payments, you might be eligible for loan forgiveness.<\/p>\n<p>Or if you work for a nonprofit or government agency, you might qualify for <a href=\"https:\/\/www.credible.com\/blog\/refinance-student-loans\/public-service-loan-forgiveness\/\">Public Service Loan Forgiveness<\/a> after only 10 years of qualifying student loan payments. If you take this route, be sure to file the necessary paperwork each year to maintain your eligibility.<\/p>\n<p><b><i>Keep Reading: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/student-loans\/everything-you-need-to-know-about-the-perkins-loan\/\"><b><i>Everything You Need to Know About the Perkins Loan<\/i><\/b><\/a><\/p>\n<p><a name=\"private-student-loans-can-help-cover-any-funding-gaps\"><\/a><\/p>\n<h2>Private student loans can help cover any funding gaps<\/h2>\n<p>If you\u2019ve reached your federal student loan limits, private student loans could help to fill any funding gaps.<\/p>\n<p>A few reasons why you might choose private <a href=\"https:\/\/www.credible.com\/student-loans\">college loans<\/a>:<\/p>\n<ul>\n<li><b>Might be able to get a lower interest rate:<\/b> In some cases (mainly with PLUS Loans), you might qualify for a lower interest rate on a private student loan, depending on your credit. Having a creditworthy cosigner could also help you secure a lower interest rate.<\/li>\n<li><b>Can apply for a loan at any time:<\/b> Unlike federal student loans, which come with strict application deadlines, you can apply for a private student loan whenever you\u2019d like.<\/li>\n<li><b>Higher loan limits:<\/b> You might be able to borrow up to the cost of attendance for your school with private student loans.<\/li>\n<\/ul>\n<p>Private student loans don\u2019t offer the benefits of federal student loans (such as income-driven repayment or loan forgiveness), but the flexibility in loan limits and application deadlines might make a private loan worth it for you.<\/p>\n<p>If you decide to take out a private student loan, be sure to shop around and consider as many lenders as possible to find the right loan for you. Credible makes this easy \u2014 you can compare your rates from our partner lenders in the table below in two minutes.<\/p>\n\n<table id=\"tablepress-218\" class=\"tablepress tablepress-id-218 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Lender<\/strong><\/th><th class=\"column-2\"><strong>Fixed rates from (APR)<\/strong><\/th><th class=\"column-3\"><strong>Variable rates from (APR)<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode \">\n        <div class=\"heading__container \">\n    <span class=\"heading\">\n                    <a href=\"https:\/\/www.credible.com\/lenders\/ascent\/\">Credible Rating<\/a>\n            <\/span>\n            <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n    <img decoding=\"async\" class=\"icon-help m-a-0\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n    <span class=\"tip\">\n        <span class=\"tip-content\" >Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n        <span class=\"tip-arrow\"><\/span>\n    <\/span>\n<\/div>\n    <\/div><div class=\"star-rating__container\">\n                <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A three-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-three-quarter.svg\">\n        <\/div>        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    2.69%+<sup>10<\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    3.68%+<sup>10<\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode \">\n        <div class=\"heading__container \">\n    <span class=\"heading\">\n                    <a href=\"https:\/\/www.credible.com\/lenders\/citizens-bank\/#citizens-bank-private-student-loans\">Credible Rating<\/a>\n            <\/span>\n            <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n    <img decoding=\"async\" class=\"icon-help m-a-0\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n    <span class=\"tip\">\n        <span class=\"tip-content\" >Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n        <span class=\"tip-arrow\"><\/span>\n    <\/span>\n<\/div>\n    <\/div><div class=\"star-rating__container\">\n                <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A three-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-three-quarter.svg\">\n        <\/div>        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    3.24%+<sup>1<\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    4.99%+<sup><\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode \">\n        <div class=\"heading__container \">\n    <span class=\"heading\">\n                    <a href=\"https:\/\/www.credible.com\/lenders\/college-ave\/#college-ave-private-student-loans\">Credible Rating<\/a>\n            <\/span>\n            <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n    <img decoding=\"async\" class=\"icon-help m-a-0\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n    <span class=\"tip\">\n        <span class=\"tip-content\" >Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n        <span class=\"tip-arrow\"><\/span>\n    <\/span>\n<\/div>\n    <\/div><div class=\"star-rating__container\">\n                <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A three-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-three-quarter.svg\">\n        <\/div>        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    2.84%+<sup>2,3<\/sup>\n  <\/span>\n<br \/>\n<\/td><td class=\"column-3\">  <span>\n    3.89%+<sup>2,3<\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode \">\n        <div class=\"heading__container \">\n    <span class=\"heading\">\n                    <a href=\"https:\/\/www.credible.com\/lenders\/custom-choice\/\">Credible Rating<\/a>\n            <\/span>\n            <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n    <img decoding=\"async\" class=\"icon-help m-a-0\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n    <span class=\"tip\">\n        <span class=\"tip-content\" >Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n        <span class=\"tip-arrow\"><\/span>\n    <\/span>\n<\/div>\n    <\/div><div class=\"star-rating__container\">\n                <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A half star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-half.svg\">\n        <\/div>        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    3.35%+<sup><\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    3.5%+<sup><\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode \">\n        <div class=\"heading__container \">\n    <span class=\"heading\">\n                    <a href=\"https:\/\/www.credible.com\/lenders\/invested\/#invested-private-student-loans\">Credible Rating<\/a>\n            <\/span>\n            <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n    <img decoding=\"async\" class=\"icon-help m-a-0\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n    <span class=\"tip\">\n        <span class=\"tip-content\" >Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n        <span class=\"tip-arrow\"><\/span>\n    <\/span>\n<\/div>\n    <\/div><div class=\"star-rating__container\">\n                <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A half star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-half.svg\">\n        <\/div>        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    4.5%+<sup>8<\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    6.47%+<sup>8<\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode \">\n        <div class=\"heading__container \">\n    <span class=\"heading\">\n                    <a href=\"https:\/\/www.credible.com\/lenders\/mefa\/#mefa-private-student-loans\">Credible Rating<\/a>\n            <\/span>\n            <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n    <img decoding=\"async\" class=\"icon-help m-a-0\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n    <span class=\"tip\">\n        <span class=\"tip-content\" >Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n        <span class=\"tip-arrow\"><\/span>\n    <\/span>\n<\/div>\n    <\/div><div class=\"star-rating__container\">\n                <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A half star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-half.svg\">\n        <\/div>        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    3.29%+<sup><\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">N\/A<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode \">\n        <div class=\"heading__container \">\n    <span class=\"heading\">\n                    <a href=\"https:\/\/www.credible.com\/lenders\/sallie-mae\/\">Credible Rating<\/a>\n            <\/span>\n            <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n    <img decoding=\"async\" class=\"icon-help m-a-0\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n    <span class=\"tip\">\n        <span class=\"tip-content\" >Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n        <span class=\"tip-arrow\"><\/span>\n    <\/span>\n<\/div>\n    <\/div><div class=\"star-rating__container\">\n                <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A one-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-quarter.svg\">\n            <\/div>        <\/div>\n        <\/td><td class=\"column-2\"><span style=\"font-weight: 400;\">  <span>\n    2.890%<sup>9<\/sup>\n  <\/span>\n -   <span>\n    17.49%<sup>9<\/sup>\n  <\/span>\n<\/span><\/td><td class=\"column-3\"><span style=\"font-weight: 400;\">  <span>\n    3.75%<sup>9<\/sup>\n  <\/span>\n -   <span>\n    16.370%<sup>9<\/sup>\n  <\/span>\n<\/span><\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td colspan=\"3\" class=\"column-1\"><center><b>Compare rates without affecting<br> your credit score. 100% free!<\/b><br><br \/>\n<a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/student-loans\/start\">Compare Now<\/a><\/center><br><\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td colspan=\"3\" class=\"column-1\"><p style=\"text-align: center;\"><small>Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology<\/a> | <sup>10<\/sup><a href=\"https:\/\/www.credible.com\/a\/ascent-student-loan-disclosure\/\" target=\"_blank\" rel=\"noopener noreferrer\">Ascent Disclosures<\/a> | <sup>1<\/sup><a href=\"https:\/\/www.citizensbank.com\/student-lending\/DisclosureHub.aspx#rate-lowest\" target=\"_blank\" rel=\"noopener noreferrer\">Citizens Disclosures <\/a> | <sup>2,3<\/sup><a href=\"https:\/\/www.credible.com\/a\/college-ave-disclosures\/\" target=\"_blank\" rel=\"noopener noreferrer\">College Ave Disclosures<\/a> | <sup>11<\/sup><a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\" target=\"_blank\" rel=\"noopener noreferrer\">Custom Choice Disclosures<\/a> | <sup>7<\/sup><a href=\"https:\/\/www.credible.com\/a\/edvestinu-apr-details-inschool\" target=\"_blank\" rel=\"noopener noreferrer\">EDvestinU Disclosures<\/a> | <sup>8<\/sup><a href=\"https:\/\/www.credible.com\/a\/invested-disclosures\" target=\"_blank\" rel=\"noopener noreferrer\">INvestEd Disclosures<\/a> | <sup>9<\/sup><a href=\"https:\/\/www.credible.com\/a\/sallie-mae-homepage-disclosures\/\" target=\"_blank\" rel=\"noopener noreferrer\">Sallie Mae Disclosures<\/a><\/small><\/p><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"<p>Federal student loans are backed by the U.S. Department of Education and offer unique perks that you won\u2019t find with private student loans. Some of the benefits of federal student loans include low interest rates,&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/student-loans\/federal-student-loan-benefits\/\">Continue reading<\/a><\/p>\n","protected":false},"author":96,"featured_media":43460,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[2],"tags":[1496],"class_list":["post-43455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-refinance-student-loans","tag-federal-student-loan-basics","5-benefits-of-federal-student-loans-over-private-loans","post_tag-federal-student-loan-basics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5 Benefits of Federal Student Loans Over Private Loans<\/title>\n<meta name=\"description\" content=\"Federal student loans offer low interest rates and important borrower protections. 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