{"id":59948,"date":"2022-03-21T13:33:37","date_gmt":"2022-03-21T20:33:37","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=59948"},"modified":"2023-05-09T13:42:34","modified_gmt":"2023-05-09T20:42:34","slug":"the-pros-and-cons-of-student-loans-are-they-worth-it","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/student-loans\/pros-and-cons-student-loans\/","title":{"rendered":"The Pros and Cons of Student Loans"},"content":{"rendered":"<p>Taking out student loans is a big commitment, and you don&#8217;t want to jump in without understanding both the benefits and downsides. On one hand, loans can be an investment in your future \u2014 but on the other, repaying them is a long-term financial commitment that might impact your ability to reach other milestones after leaving school, like buying a house or starting a family.<\/p>\n<ul>\n<li><a href=\"#pros-cons-student-loans\"><b>Overall pros and cons of student loans<\/b><\/a><\/li>\n<li><a href=\"#pros-cons-federal\"><b>Pros and cons of federal loans<\/b><\/a><\/li>\n<li><a href=\"#pros-cons-private\"><b>Pros and cons of private loans<\/b><\/a><\/li>\n<\/ul>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-medium wp-image-60035\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2022\/03\/Student-Loans-Pros-Cons-560x600.png\" alt=\"\" width=\"560\" height=\"600\" srcset=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2022\/03\/Student-Loans-Pros-Cons-560x600.png 560w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2022\/03\/Student-Loans-Pros-Cons-768x824.png 768w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2022\/03\/Student-Loans-Pros-Cons-300x322.png 300w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2022\/03\/Student-Loans-Pros-Cons-140x150.png 140w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2022\/03\/Student-Loans-Pros-Cons.png 1050w\" sizes=\"(max-width: 560px) 100vw, 560px\" \/><\/p>\n<p><a name=\"pros-cons-student-loans\"><\/a><\/p>\n<h2>General pros and cons of student loans<\/h2>\n<p>Student loans are designed to help you <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/pay-for-college\/\">pay for college<\/a>, but they typically must be repaid after graduation. As a result, it&#8217;s a good idea to first exhaust options for grants and scholarships that don&#8217;t need to be repaid. Once you have used up all of these free sources of funds, it can make sense to apply for loans if you <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/cant-afford-college\/\">can&#8217;t afford college<\/a> without them.<\/p>\n<p>When you borrow for school, there are different <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/types-of-student-loans\/\">types of student loans<\/a> to consider, including federal loans from the Department of Education and <a href=\"https:\/\/www.credible.com\/student-loans\">private loans<\/a> provided by banks, credit unions, and online lenders.<\/p>\n<p>Each kind of student debt has pros and cons to consider, although there are some general benefits and downsides to student loans that apply to all types of borrowing.<\/p>\n<p>Here are some of the overall pros and cons of all kinds of educational debt.<\/p>\n<h3>Pros:<\/h3>\n<ul>\n<li><b>Covers your tuition and other expenses. <\/b>Student loans can cover your tuition up to the school-certified cost of attendance, as well as a variety of education expenses such as books, transportation, and room and board.<\/li>\n<li><b>You likely won\u2019t need to make payments while in school. <\/b>Many lenders do not require you to start payments until six months after you graduate. However, you can still make interest payments while in school. It\u2019s not required, but it\u2019s certainly encouraged to get you ahead on paying off your student loans.<\/li>\n<li><b>Loans are accessible regardless of financial situation. <\/b>Federal student loans usually don&#8217;t require proof of income or a good credit score, while private lenders typically allow borrowers to meet these requirements with a cosigner.<\/li>\n<li><b>More affordable. <\/b>Student loans can be more affordable than other kinds of debt, such as credit cards.<\/li>\n<li><b>Tax deductible. <\/b><a href=\"https:\/\/www.credible.com\/blog\/student-loans\/education-tax-credit\/\">Two tax credits<\/a> can help offset your expenses: the American opportunity credit and the lifetime learning credit.<\/li>\n<\/ul>\n<h3>Cons:<\/h3>\n<ul>\n<li><b>Extended debt burden. <\/b>Adding an educational loan could make it more difficult to pay off your debt in the long term.<\/li>\n<li><b>May delay your other financial goals. <\/b>You may be making progress on other financial goals, such as paying off other types of debt or saving for a house.<\/li>\n<li><b>Must repay even if you don\u2019t graduate. <\/b>Even if you don&#8217;t earn your degree, you are still responsible for repaying your loan. This applies to both federal and private loans.<\/li>\n<li><b>Could take years to repay: <\/b>Federal student loans have a standard 10-year repayment plan, but you can opt for some plans with repayment periods as long as 30 years. Loan repayment terms can vary for private loans, but it\u2019s common to have repayment periods between 5 and 20 years, so you may be paying off debt for a while (although, as with federal loans, you generally have the option to <a href=\"https:\/\/www.credible.com\/blog\/pay-off-loans-early\/\">pay off student loans early <\/a>without penalty).<\/li>\n<li><b>Default leads to major consequences. <\/b>If you default on your loans, this could have devastating financial consequences such as seizure of your tax return or other federal benefits, <a href=\"http:\/\/credible.com\/blog\/personal-finance\/student-loan-wage-garnishment-what-you-need-to-know\/\">wage garnishment<\/a>, or liens on your property. Most private student loans will enter <a href=\"https:\/\/www.credible.com\/blog\/refinance-student-loans\/student-loan-default\/\">default<\/a> after missing payments for 120 days. Like defaulting on a federal loan, defaulting on private loans could lead to major consequences. For example, your loans could be sent to a collections agency, or your lender could sue you in an attempt to recoup their losses.<\/li>\n<\/ul>\n<p><b><i>Related: <\/i><\/b><i>Learn more about<\/i><a href=\"https:\/\/www.credible.com\/student-loans\"> <i>getting a private student loan<\/i><\/a><i> on Credible.com<\/i><\/p>\n\n<table id=\"tablepress-74\" class=\"tablepress tablepress-id-74 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles table-align-center tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Lender<\/th><th class=\"column-2\">Fixed Rates From (APR)<br \/>\n<\/th><th class=\"column-3\">Variable Rates From (APR)<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping 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\" 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>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\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>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#ascent-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    2.69%+<sup>10<\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    3.65%+<sup>10<\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"ascent-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    2.69%+<sup>10<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    3.65%+<sup>10<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                Does not disclose<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $2,001* to $400,000 <\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                5, 7, 10, 12, 15, 20<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, fixed\/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                0.25% to 1.00% automatic payment discount, 1% cash back graduation reward<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 12 on-time principal and interest payments<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                Launch Servicing, LLC<\/li>\n                                    <\/ul>\n                            <\/div>\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\/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\" 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>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\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>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#citizens-bank-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    3.24%+<sup>1<\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    4.98%+<sup><\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"citizens-bank-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    3.24%+<sup>1<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    4.98%+<sup><\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                720<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,000 to $350,000<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                5, 10, 15<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan types:<\/span>\n                                Any private or federal student loan<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Late fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay, loyalty<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner)<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone, chat<\/li>\n                                                <li><span class=\"font-weight-bold\">Soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 36 months<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                Firstmark Services<\/li>\n                                    <\/ul>\n                            <\/div>\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\/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\" 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>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\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>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#college-ave-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    2.59%+<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-7\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"college-ave-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    2.59%+<sup>2,3<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    3.89%+<sup>2,3<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                Does not disclose<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,000 up to cost of attendance<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                5, 8, 10, 15, 20<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, full monthly payment, fixed\/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Late fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After half of the scheduled repayment term has been completed<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                College Ave Servicing LLC\r\n<p><i><sup>Learn more about<a href=\"https:\/\/help.collegeavestudentloans.com\/hc\/en-us\/articles\/5560603133079-Can-a-cosigner-be-released-from-a-loan-\"> cosigner release requirements.<\/a> Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.<\/p><\/i><\/sup><\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/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\/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\" 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>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\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>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#custom-choice-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    3.35%+<sup><\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    3.68%+<sup><\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"custom-choice-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    3.35%+<sup><\/sup>\n  <\/span>\n<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    3.68%+<sup><\/sup>\n  <\/span>\n<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,000 to $99,999 annually\r\n<small>($180,000 aggregate limit)<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/small><\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                7, 10, 15<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, immediate repayment, interest-only repayment, flat\/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident.<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Phone, email<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 36 months<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                American Education Services<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. income:<\/span>\n                                $1<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-10\">\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\" 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>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\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>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#invested-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    4.5%+<sup>8<\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    6.08%+<sup>8<\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"invested-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    4.5%+<sup>8<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    6.08%+<sup>8<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                670<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,001 up to cost of attendance<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                5, 10, 15<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Late fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay, reward for on-time graduation<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone, chat<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 12 months<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                American Education Services<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-12\">\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\" 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>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\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>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#mefa-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/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-13\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"mefa-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    3.29%+<sup><\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                N\/A<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                670<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,500 up to cost of attendance less aid<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                10, 15<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, interest only, immediate repayment, academic deferral, forbearance<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 48 months<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                American Education Services (AES)<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-14\">\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\" 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>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\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>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#sallie-mae-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/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-15\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"sallie-mae-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                <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><\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                <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><\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                Does not disclose<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,000 up to 100% of school-certified cost of attendance<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                10 to 20<sup>9<\/sup><\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, fixed\/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Late fee, non-sufficient funds (NSF) fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner.<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Phone, chat<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                Borrowers can apply after graduation, 12 consecutive on-time principal and interest payments, and meeting certain credit requirements.<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                Sallie Mae<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td colspan=\"3\" class=\"column-1\"><center><b>Compare Prequalified Private Student Loan rates. <\/b><br><br \/>\n<center><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/student-loans\/start\">Compare Private Loans Now<\/a><\/center><br><\/center><br \/>\n<!-- TrustBox widget - Micro Combo --><br \/>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div><br \/>\n<!-- End TrustBox widget --><\/td>\n<\/tr>\n<tr class=\"row-17\">\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\/faqs\">Prequalified rates<\/a> are not an offer of credit. | <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=\"#\" rel=\"noopener noreferrer\" data-toggle=\"collapse\" data-target=\"#citizensbank-inschool\">Citizens Bank 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> | \u00a0<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>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<a name=\"pros-cons-federal\"><\/a><\/p>\n<h2>Pros and cons of federal student loans<\/h2>\n<p>Federal student loans come from the Department of Education and you should generally exhaust eligibility for them before taking out private loans. That&#8217;s because these government loans provide many benefits that loans from private lenders don&#8217;t offer.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Tip:<\/b> To apply for federal student loans, you\u2019ll need to fill out the Free Application for Federal Student Aid (FAFSA) before the deadline. For the 2022-23 academic year, you have until June 30, 2023.<\/p>\n<p>Keep in mind that some aid is given on a first-come, first-served basis \u2014 so it\u2019s a good idea to submit the FAFSA as early as possible, especially if you have high financial need. FAFSA typically opens each year on Oct. 1, but for the 2023-2024 school year, they will open in December 2023.<\/div><\/div>\n<p>Before you take out a federal student loan, here are some advantages and disadvantages to consider:<\/p>\n<h3>Advantages of federal student loans<\/h3>\n<ul>\n<li><b>Fixed rates: <\/b>All federal student loans come with fixed interest rates. This means your rate will stay the same throughout the life of the loan, and your payments will change only if you sign up for a different repayment plan.<\/li>\n<li><b>Less chance of a credit check: <\/b>Most federal student loans are available regardless of credit. PLUS loans are the exception, and you cannot qualify for them with adverse credit. If you are applying for a loan with no credit requirement, though, you won\u2019t have to undergo a credit check.<\/li>\n<li><b>Multiple repayment options: <\/b>Federal student loans offer many repayment options, including a standard payment plan, a graduated plan that allows payments to go up over time, and income-driven plans that cap payments at a percentage of income and forgive any remaining balance after a certain number of years.<\/li>\n<li><b>Potential loan forgiveness or discharge: <\/b>Some of your federal student loans may be forgiven if you participate in a federal program. For example, if you work for a government or nonprofit organization and make qualifying payments for 10 years, you could qualify for Public Service Loan Forgiveness. Or if you sign up for an <a href=\"https:\/\/www.credible.com\/blog\/refinance-student-loans\/income-driven-repayment-vs-refinancing\/\">income-driven repayment (IDR) plan<\/a>, you could have any remaining balance forgiven after 20 or 25 years, depending on the plan. Additionally, federal student loans can be discharged in certain cases, such as if your school closes while you\u2019re enrolled.<\/li>\n<li><b>Might be able to borrow up to your school\u2019s cost of attendance: <\/b>If you take out a Direct PLUS Loan, you might be able to borrow up to your school\u2019s cost of attendance (minus any other financial aid you\u2019ve received). Keep in mind that unlike most other federal student loans, PLUS Loans require a credit check.<\/li>\n<\/ul>\n<p><b><i>Learn More:<\/i><\/b> <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/apply-to-college\/\"><i>How to Apply to College and When You Should Apply<\/i><\/a><\/p>\n<h3>Drawbacks of federal student loans<b><\/b><\/h3>\n<ul>\n<li><b>Must repay your loans even if you don\u2019t graduate: <\/b>Except in very rare circumstances, such as if your school shuts down, you must repay your federal student loans even if you don&#8217;t earn a degree.<\/li>\n<li><b>Interest could capitalize when you\u2019re not making payments:<\/b> For most federal loans (except Direct Subsidized Loans), interest starts accruing from the time the funds are distributed. This means you will accrue interest while in school if you don&#8217;t make payments on your loans. This interest is added onto your loan balance in a <a href=\"https:\/\/www.credible.com\/blog\/refinance-student-loans\/capitalized-interest\/\">process called capitalization<\/a>. When this occurs, you end up paying interest on the unpaid interest that\u2019s added to your balance.<\/li>\n<li><b>Can only change your interest rate through refinancing: <\/b>You cannot modify your student loan interest rate unless you refinance your federal loans into a private loan. However, doing so will cost you access to federal benefits and protections \u2014 such as IDR plans and student loan forgiveness programs.<\/li>\n<\/ul>\n<h3>Why to prioritize federal student loans over private<\/h3>\n<p>When you are borrowing for school, it makes sense to prioritize federal over private loans for many reasons. Along with the federal borrower benefits mentioned above, you will typically also benefit from lower interest rates.<\/p>\n<p>The table below shows some of the key differences between federal vs. private loans.<\/p>\n\n<table id=\"tablepress-274\" class=\"tablepress tablepress-id-274 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<thead>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><th class=\"column-2\"><strong>Federal student loans<\/strong><\/th><th class=\"column-3\"><strong>Private student loans<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><strong>Interest rates<\/strong><\/td><td class=\"column-2\"><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> to <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><br \/>\n<small>(depending on loan type)<\/small><\/td><td class=\"column-3\"><strong>Fixed rates from (APR):<\/strong>   <span>\n    2.59%+<sup><\/sup>\n  <\/span>\n<br \/>\n<strong>Variable rates from (APR):<\/strong>   <span>\n    3.65%+<sup><\/sup>\n  <\/span>\n<br \/>\n<small>(Private lenders on Credible)<\/small><\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><strong>Fees<\/strong><\/td><td class=\"column-2\"><span data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.01057}\" data-sheets-userformat=\"{&quot;2&quot;:577,&quot;3&quot;:{&quot;1&quot;:3,&quot;2&quot;:&quot;0.000%&quot;,&quot;3&quot;:1},&quot;9&quot;:0,&quot;12&quot;:0}\">1.057%<\/span> to <span data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.04228}\" data-sheets-userformat=\"{&quot;2&quot;:577,&quot;3&quot;:{&quot;1&quot;:3,&quot;2&quot;:&quot;0.000%&quot;,&quot;3&quot;:1},&quot;9&quot;:0,&quot;12&quot;:0}\">4.228%<\/span> <br \/>\n<small>(depending on loan type)<\/small><br \/>\n<\/td><td class=\"column-3\">Varies by loan<br \/>\nGenerally no origination fees<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><strong>Limits<\/strong><\/td><td class=\"column-2\">$31,000 for dependent undergrads<br \/>\n$57,500 for independent undergrads<br \/>\n$20,500 for graduates (unsubsidized)<br \/>\n<\/td><td class=\"column-3\">Can vary, but typically covers the cost of attendance<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><strong>Offers subsidized loans<\/strong><\/td><td class=\"column-2\">Yes<\/td><td class=\"column-3\">No<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><strong>Loan forgiveness<\/strong><\/td><td class=\"column-2\">Yes<\/td><td class=\"column-3\">No<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\"><strong>Terms<\/strong><\/td><td class=\"column-2\">Standard Repayment Plans: 10 years<br \/>\nConsolidation and IDR plans: 10 to 30 years<br \/>\n<\/td><td class=\"column-3\">5 to 20 years (varies by lender)<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\"><strong>Repayment Protections<\/strong><\/td><td class=\"column-2\">Generous options for deferment, forbearance, and income-driven repayment plans<\/td><td class=\"column-3\">Limited options for deferment and forbearance<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\"><strong>Option to change repayment plan or defer payments<\/strong><\/td><td class=\"column-2\">Yes<\/td><td class=\"column-3\">No<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\"><strong>Requires FAFSA<\/strong><\/td><td class=\"column-2\">Yes<\/td><td class=\"column-3\">No<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\"><strong>Requires cosigner<\/strong><\/td><td class=\"column-2\">Typically no<br \/>\n<small>(unless applying for a PLUS loan with adverse credit)<\/small><\/td><td class=\"column-3\">No<br \/>\n<small>(but might increase chances of qualifying)<\/small><\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\"><strong>Requires credit check<\/strong><\/td><td class=\"column-2\">Only for PLUS loans<\/td><td class=\"column-3\">Yes<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p>When considering <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/federal-vs-private-student-loans\/\">federal versus private student loans<\/a> it may be tempting to take out private student loans first, as the starting rate on variable rate private loans may be lower than the federal student loan rate.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>For example:<\/b> If you borrow $5,000 at 4.74% for 10 years, you would pay $52.40 per month and $1,287.95 in total interest. If you borrow the same at 4.99%, you would pay $53.01 per month and $1,361.00 in total interest.<\/div><\/div>\n<p>While it seems that the private loan costs you less, there is a risk to variable rate loans. Your rate can change over time and your monthly payments and total borrowing costs could rise. Not everyone qualifies for the lowest interest rates on private loans, either, while everyone gets the same rate on federal loans regardless of their financial credentials.<br \/>\n<a name=\"pros-cons-private\"><\/a><\/p>\n<h2>Pros and cons of private student loans<\/h2>\n<p>Private lenders \u2014 including online lenders as well as traditional banks and credit unions \u2014 offer private student loans. Unlike with most federal student loans, you\u2019ll have to undergo a credit check to apply for a private student loan.<\/p>\n<p>Before you take out a private student loan, here are some advantages and disadvantages to consider:<\/p>\n<h3>Benefits of private student loans<b><\/b><\/h3>\n<ul>\n<li><b>Can be used to fill financial gaps: <\/b>While some federal student loans have lifetime and annual limits, most private loan lenders allow you to borrow up to the school-certified cost of attendance and either have no lifetime limits or very high ones. This means private loans are ideal to fill financial gaps when federal aid doesn&#8217;t cover everything. Like federal loans, private student loans can be used to cover a wide variety of education expenses, such as tuition, textbooks, and room and board.<\/li>\n<li><b>No application deadline: <\/b>There are no strict deadlines for applying for private loans. If you decide to <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/apply-to-college\/\">apply to college<\/a> late or determine later in the year you need more money, private student loans could help.<\/li>\n<li><b>Lower interest rates: <\/b>If you have excellent credit or a cosigner with excellent credit, you might qualify for a lower interest rate on a private loan than you\u2019d get on a federal loan.<\/li>\n<li><b>Larger loan amounts: <\/b>You can typically borrow more money on a private student loan than with federal student loans.<\/li>\n<\/ul>\n<h3>Drawbacks of private student loans<\/h3>\n<ul>\n<li><b>Could be difficult to apply for a private loan. <\/b>If you don\u2019t have good to excellent credit, it may be difficult to secure a loan from a private lender.<\/li>\n<li><b>Fewer options for poor or no credit: <\/b>You\u2019ll generally need good or excellent credit to qualify for a private student loan \u2014 a good credit score is usually considered to be 700 or higher. Some lenders offer student loans for bad credit, but these loans usually come with higher interest rates compared to good credit loans.<\/li>\n<li><b>No federal benefits or forgiveness options: <\/b>There are no forgiveness options for private loans and, unlike with federal loans, you don&#8217;t benefit from borrowing protections like the ability to change your payment plan as needed or cap payments at a percentage of your income.<\/li>\n<\/ul>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Tip:<\/b> If you have poor or no credit and are struggling to get approved for a private student loan, consider applying with a creditworthy cosigner to improve your chances.<\/div><\/div>\n<p>Even if you don\u2019t need a cosigner to qualify, having one could get you a lower interest rate than you\u2019d get on your own.<\/p>\n<p>If a private student loan seems like the right choice for you, remember to take the time to shop around and compare your options from as many lenders as you can. This way, you\u2019ll have an easier time finding the optimal loan for your situation.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><span style=\"font-size: x-large;\"><strong>Compare student loan rates from top lenders<\/strong><\/span><\/p>\n<ul class=\"list--iconArrow accent--isGreen\">\n<li>Multiple lenders compete to get you the best rate<\/li>\n<li>Get actual rates, not estimated ones<\/li>\n<li>Finance almost any degree<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/student-loans\">See Your Rates<\/a><br \/>\n<small>Checking rates will not affect your credit<\/small><\/p>\n<p><!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<\/div><\/div>\n<p><em><a href=\"https:\/\/www.credible.com\/blog\/author\/taylor-medine\/\">Taylor Medine<\/a> has contributed to the reporting of this article.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Taking out student loans is a big commitment, and you don&#8217;t want to jump in without understanding both the benefits and downsides. On one hand, loans can be an investment in your future \u2014 but&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/student-loans\/pros-and-cons-student-loans\/\">Continue reading<\/a><\/p>\n","protected":false},"author":212,"featured_media":59972,"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":[1499],"class_list":{"0":"post-59948","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-refinance-student-loans","8":"tag-student-loan-basics-sidebar","9":"the-pros-and-cons-of-student-loans-are-they-worth-it","11":"post_tag-student-loan-basics-sidebar"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Pros and Cons of Student Loans | Credible<\/title>\n<meta name=\"description\" content=\"Considering the pros and cons of student loans is essential before you borrow. 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