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What’s the benefit of federal loans over private loans

What’s the benefit of federal loans over private loans

Although the University strives to supply large educational funding honors minus the usage of figuratively speaking, students and families can be assured which they do have a few borrowing options in the case these are generally in search of support spending money on costs that could never be included in their help package or the household share.

Many pupils have access to Federal Direct Stafford Loans, that offer competitive interest rates and benefits over private loans. With student-focused repayment choices, these need-based loans offer students the chance to borrow up to $5,500 as a first-year pupil to support unmet academic costs.

Although borrowing is almost certainly not a student’s choice that is first it is critical to keep in mind that student loans could be a viable solution for financing gaps which could otherwise produce hardship when it comes to household. Please see the details below and contact educational funding with any further questions about borrowing choices.

Federal Loans

The University of Chicago participates when you look at the Federal Direct Loan programs.