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Private vs. federal loans

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  • 2 months later...

I decided the benefits of a private loan outweighed the risks. Through Suntrust I was able to get 10 years fixed @5.6% with zero fees and 6 month post graduation deferment. That rate could decrease by 0.5% during repayment if you enroll in automatic payments. I think forbearance might be a little better with goverment loans and if you work for a non-profit for 10 years you might qualify to have your loans forgiven.


If you are uneasy about the idea of taking 100% private, one option might be to take out all of the Stafford and then use private loans to satisfy the difference of your cost of attendance.


I am not a fan of grad plus loans. They have high fees and interest.

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