TEMPLATE Federal vs. Private Student Loans Template by Michael Davis https://padlet.com/midavis/9mbt5oguhvde1ghn en-us 2025-02-11 23:20:20 UTC 2026-02-06 16:50:05 UTC hello@padlet.com A. You will not have to start repaying your federal students loans until you graduate, leave school, or change your enrollment status midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911229 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911229 DIRECTIONS: midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911230 1. Click below your assigned topic.
2.TITLE: Put both of your names in the title line (can't give you points unless you do this!)
3. WRITE SOMETHING: Translate your topic into normal, everyday English so simple a 4th grader could understand it.]]> 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911230 B. The interest rate is fixed and is often lower than private loans—and much lower than some credit card interest rates. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911231 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911231 c. Undergraduate students with financial need will likely qualify for subsidized loans where the government pays the interest while you are in school on at least a half-time basis. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911232 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911232 1. Many private student loans require payments while you are still in school. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911233 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911233 d. You don’t need to get a credit check for most federal student loans (except for PLUS loans). Federal student loans can help you establish a good credit record. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911234 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911234 e. You won’t need a cosigner to get a federal student loan in most cases. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911235 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911235 2. Private student loans can have variable interest rates, some greater than 18%. A variable rate may substantially increase the total amount you repay. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911236 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911236 3. Private student loans are not subsidized. No one pays the interest on your loan but you. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911237 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911237 Federal Student Loans midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911238 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911238 4. Private student loans may require an established credit record. The cost of a private student loan will depend on your credit score and other factors. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911239 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911239 Private Student Loans midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911240 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911240 5. You may need a cosigner. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911241 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911241 f. Interest may be tax deductible. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911243 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911243 6. Interest may not be tax deductible. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911244 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911244 g. Loans can be consolidated into a Direct Consolidation Loan. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911245 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911245 7. Private student loans cannot be consolidated into a Direct Consolidation Loan. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911246 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911246 8. Private student loans may not offer forbearance or deferment options. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911247 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911247 h. If you are having trouble repaying your loan, you may be able to temporarily postpone or lower your payments. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911248 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911248 i. There are several repayment plans, including an option to tie your monthly payment to your income. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911249 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911249 9. You need to make sure there are no prepayment penalty fees. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911250 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911250 j. There is no prepayment penalty fee. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911251 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911251 10. It is unlikely that your lender will offer a loan forgiveness program. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911252 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911252 k. You may be eligible to have some portion of your loans forgiven if you work in public service. midavis https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911253 2025-02-11 23:20:20 UTC https://padlet.com/midavis/9mbt5oguhvde1ghn/wish/3324911253