One place to shop: The market for private student loans. Variable-rate student loans — available only from private lenders — ranged from 0.94% to 12.99%. By contrast, rates on federal student loans for the 2022-23 academic year now stand at 4.99%, while parent PLUS loans are 7.54%. While some experts say students should prioritize federal loans because they are cheaper and have better repayment terms, private student loans offer financing for those borrowers who have exhausted federal loan limits. Private student loans — from a bank, credit union, nonprofit or online-only lender — don't require filling out the FAFSA, or Free Application for Federal Student Aid.

Source: Daily Sun August 05, 2022 11:52 UTC