Federal vs private — always exhaust federal first
Federal student loans offer fixed rates, flexible income-driven repayment plans, and forgiveness options that private loans do not. Always max out federal aid (Direct Subsidized, Unsubsidized, Parent PLUS) before considering private loans.
Top private lenders
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| Lender | Fixed APR | Variable APR | Cosigner required? |
|---|---|---|---|
| Lender 1 | 4.50-13.99% | 5.25-14.50% | Usually |
| Lender 2 | 4.75-15.49% | 5.50-15.99% | Often |
| Lender 3 | 5.99-12.99% | 6.49-13.49% | Sometimes |
Frequently asked questions
Can I refinance a private student loan later?
Yes, you can refinance private loans (and federal loans) at any time. Refinancing federal loans into a private loan permanently forfeits federal benefits — proceed cautiously.
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Disclaimer: This article is for informational purposes only and should not be considered financial advice. Tradingpedia does not provide personalized financial recommendations. Always consult a qualified advisor before making financial decisions.