Whats the difference between a federal student loan and a private student loan?
Federal student loans, like Stafford and PLUS loans, usually have lower interest rates than private student loans and may include government-subsidized interest payments during qualifying periods of enrollment and deferment. Federal loans have standard rates and fees that don’t vary by lender, though borrower benefits may. Chase provides funds for federal student loans but also offers the Chase SelectSM Health Professions Private Loan. Private loans are designed to supplement federal loans when federal loans aren’t enough to cover the entire cost of your education. You should always exhaust your federal student loan options before applying for private loans.
Federal student loans, like Stafford and PLUS loans, usually have lower interest rates than private student loans and may include government-subsidized payments. Federal loans have standard rates and fees that don’t vary by lender, though borrower benefits may. Chase provides funds for federal student loans but also offers private loans like the Chase Select loan. Private student loans are designed to supplement federal loans when federal loans aren’t enough to cover the entire cost of your education. You should always exhaust your federal student loan options before applying for a private student loan.
