Average Student Loan Debt:
Private Student Loan Offers
Most students and parents find themselves looking for money to help them pay for college—even after completing the Free Application for Federal Student Aid (FAFSA) and receiving Federal student loans (subsidized or unsubsidized).
Find a Student Loan That Fits Your Budget
Different Lenders offer a variety of payment terms, rates and loan amounts. It's financially responsible to understand all of your options.
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Federal Loan Maximums
Federal loans have an award maximum each year. These maximum award totals are based upon factors like family income and the cost to attend your college. Even if you qualify for the maximum Federal Pell Grant award — $6,345 for the 2020-2021 award year according to the Department of Education’s StudentAid.gov — It’s likely you’ll still have a substantial finance gap to fill in order to attend college.
Loan Types: Federal, Private
There are two student loan types: federal student loans and private student loans. Like Federal student loans, private loans must be paid back. Private loans are not offered by the United States government, but are offered by banks, state-affiliated organizations, and credit unions.
Finding Additional Money to Pay for College
Before you accept a private student loan, be sure you’ve:
- Completed your FAFSA.
- Accepted your Federal student loan maximum—subsidized and unsubsidized.
- Investigated all options you qualify for such as Federal Work Study and Federal grants.
Private student loans are an alternative solution to help students and their families bridge this financial gap. It’s important to remember that in addition to college tuition and student fees, paying for school includes costs such as textbooks, school supplies, apartment rent, public transportation costs, gas, food and more.
