I got offered 17k total ( unsubsidized) for my two year grad program I’m wondering if it’s better if I take that or I should take our 17k in private loans I plan on taking out 10k in private loans but I also have no idea how loans work or what private loan website to use or how interest rates work. Or even what an ARP is. I also don’t have anyone who will co sign for me but I do have a credit score of 784.
Grad loans not sure what to do
byu/Eastern_Talk_2433 inStudentLoans
Posted by Eastern_Talk_2433
2 Comments
With that credit score you’re in pretty good shape for private loans, but federal unsubsidized is usually gonna be your better bet. Federal loans have way more protections – income driven repayment plans, forbearance options, potential forgiveness programs down the line
Private loans are basically just regular debt with fewer safety nets. If you hit financial trouble later, federal loans give you way more wiggle room. The interest rates might be similar right now but federal caps are more predictable
APR is just the annual percentage rate – basically what you’ll actually pay in interest over a year including fees. For comparison shopping between lenders
Federal loans over private loans if you must borrow.