Whether a student borrows
federal loans or private loans
or a combination of both is very individual and requires the student to research the option that is best for him/her.
US Citizens & Permanent Residents: Eligible students’ financial aid is packaged with maximum federal loan eligibility but students may opt to borrow all or a portion of their loan eligibility using private, non-federal education loans. Federal education loans offer a fixed interest rate, certain deferment options (unemployment, economic hardship, etc.), forbearance, public service employment loan forgiveness, and other federal benefits that private loans may not offer. On the other hand, the interest rate and fee structure of private education loans may be better for some borrowers. Students should thoroughly research the best option before deciding which type of loan(s) to borrow.
are not eligible for U.S. federal financial aid but, each academic year, international students may apply for private (non-federal) education loans
to cover tuition and allowable education-related costs. A creditworthy cosigner who is a U.S. citizen or a permanent resident of the U.S. is required.