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Federal student loans are required by law to provide a range of flexible repayment options including, but not limited to, income-based and income-contingent repayment plans, as well as loan forgiveness benefits that private lenders are not required to provide.

Federal direct loans are available to most students regardless of income. Other qualification criteria may apply. Other qualification criteria can be found .

Private student loan lenders can offer variable interest rates that can increase or decrease over time, depending on market conditions. 

The interest rate on a private loan may depend on the borrower’s and/or co-signer’s credit rating.

Private student loans have a range of interest rates and fees. Students should determine the interest rate and any fees associated with any private student loan they borrow before accepting the loan. Students should contact the lender of the private student loan (for an alternative loan) or the Financial Aid Office (for an institutional loan) if they have any questions about a private student loan.

É«½ç°É offers private (institutional) student loans. If the student is offered an institutional loan they should know:

• Interest rates on all institutional loans are fixed, not variable
• Our loans can have a range of interest rates
• Our loans are not awarded based on the credit history of the student borrower
• Our loans do not require a co-signer

3. Master Promissory Note