Average Student Loan Debt:
The Best 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).
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.
More Student Loan Resources
Access helpful resources covering scholarships, financial aid, student life, and more.
William D. Ford Federal Direct Loan Program
Learn the difference between subsidized and unsubsidized loans and how you can qualify for this federal, student loan program.
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Private Student Loans: When Federal Student Loans Aren't Enough
Find out everything you need to know about private student loans and how they can help pay for college when federal student loans aren’t enough.
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Student Loans for College: How Much Debt is Too Much Debt?
Expert advice on borrowing for college and how much is too much when it comes to student loans.
May 26, 2022
What Should Parents Know When Applying for Student Loans?
You’d love to know how to pay for college without loans, but sometimes, that’s not possible. Learn how to navigate the student and parent lending process with our parent’s guide to student loans.
May 21, 2022