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Student Loans: What is the best loan option?

Student loans are utilized by Americans every year in order to get a higher education, but which ones are the best ones to get?

cash with a sticker on it for student loan debt

There are different types of loans, but knowing which option is best for you can be difficult.

Every loan comes with different pros and cons.

Public service loan forgiveness

There are three types of loans to choose from

  • Federal loans
  • Private loans
  • Refinance loans

Your financial standing, where you’re at in school, and what your credit looks like all impact what type of loan you can qualify for.

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Student loan types explained

Federal loans

Federal loans are given by the U.S. government.

You need to submit a FAFSA, or Free Application for Federal Student Aid, in order to get this type of loan.

Congress decides on what the interest rates of student loans will be each year, meaning they can change.

You may use your income to determine how you pay back your loan.

Some people are in a certain profession that could forgive their loans.

Co-signers and credit aren’t factors in a federal student loan, high schoolers can qualify.

Forgiveness for frontline healthcare employees

Private loans

You need to apply to a bank or some other type of financial institution to receive a private loan.

You need a credit score to show you’re able to pay back this kind of loan.

A co-signer can help if you don’t have the credit to obtain the loan.

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Loan refinancing

If you have graduated and have a solid payment history you may have other options.

You could possibly refinance your loan.

This could get you a new payment plan and interest rate.

Most people need a 690 or higher for a credit score in order to qualify.

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