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Federal vs. Private Student and Parent LoansFederal and private student loans have different characteristics depending on the academic level of the student – undergraduate or graduate. These tables list the differences for Perkins, Stafford, PLUS, and private student loans.
How Student Loans Work
Like other loans, student loans must be repaid over time, usually with interest. Most borrowers end up repaying much more than the original loan amount.
Compare Loan Costs Carefully
To minimize the total amount of payments over the life of the loan, it is critical to compare student loans carefully. Advertisements don't always make comparisons on an equal basis.
Borrow the Best Loans
Different types of federal and private student loans offer different costs and benefits for borrowers. Students and parents can minimize costs by following expert recommendations when choosing loans.