{ "media_type": "text", "post_content": "What are the main points/differences between private and federal student loans?", "post_id": "591319b4e1ff58001082387c", "reply_count": 6, "vote_count": 2, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

What are the main points/differences between private and federal student loans?

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One is bankrupting taxpayers.

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Federal interest is tax deductible if that makes a difference... Private isn't even if you can prove the loan is for education

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Federal student loans are usually better because they have lower interest rates and there are more repayment options such as income based repayment or requesting deferral. Also some federal loans are subsidized meaning they don't start charging interest until after you graduate. Private loans can screw you over.

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All above is true - only thing to add is that the federal student loans interest is only tax deductible when you make less than 80k (95% positive on that num). I was surprised and disappointed to learn that

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D1 I'm working on the Canadian tax understanding, assumed it was the same for USA - might be different. No limitations up here, but the requirements to get federal loans are pretty strict, have to be relatively poor, and own zero assets to get approved.

A1: interesting to hear, didn't know that. I think its rather simple/common to get federal loans here when starting school, they just limit the amount that you get each year. At least for undergrad.

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