How to compare private student loans

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A private student loan is different than a federal loan because it is not eligible for many federal loan forgiveness programs and will also not be eligible for bankruptcy except for in highly unusual circumstances.

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3 Ways To

Compare Private

Student Loans PayMyStudentLoans.com

1. Interest rates

A fixed interest rate will remain the same

over the life of the loan.

A variable interest rate changes to reflect

current market conditions.

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Some banks require one or both while

other banks have no extra fees.

An origination fee typically varies from

0.5% to 2% of the loan amount.

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2. Application or origination fees

3. Repayment options

Some lenders do not require payments

while you are still in school.

Deferments or forbearance

Cosigner release

Length of repayment

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