When you begin to take out loans to fund your education, it’s very important to understand the difference between private loans and federal student loans. For starters, private loans are typically more expensive than federal student loans, and fixed interest rates and income-based repayment plans are typically not offered with private loans.
On the other hand, when it’s time to pay back your loans, federal student loans allow you to take advantage of different government options, such as Pay-As-You-Earn (PAYE Plan) or Income-Based Repayment (IBR Plan), which primarily factors in your income.
Click the video below and watch as I talk more about the differences between private and federal student loans, and why it’s best to steer clear of private loans.
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