What are the advantages of federal loans over others?

Some advantages are:

The interest rate on federal student loans is almost always lower than that on private loans.

You don’t need a credit check or a cosigner to get most federal student loans.

You don’t have to begin repaying your federal student loans until after you leave college or drop below half-time.

If you demonstrate financial need, you can qualify to have the government pay your interest while you are in school.

Federal student loans offer flexible repayment plans and options to postpone your loan payments if you’re having trouble making payments.

If you work in certain jobs, you may be eligible to have a portion of your federal student loans forgiven if you meet certain conditions.

Also see http://studentaid.ed.gov/types/loans.

2021 Digital Almanac

Stay Connected

Latest Forum Posts

Ask the Expert

Have a question regarding your federal employee benefits or retirement?

Submit a question