Federal vs. private student loans
Federal student loan interest rates for the 2024-25 academic year are the highest they have been in more than a decade.
These loans are typically the first stop when financing higher education since borrowers do not need a credit history or co-signer and the interest rates are fixed. They also offer flexible repayment options, extensive borrower protections and delayed interest accrual, and they have historically provided lower rates than those offered by private lenders.
However, with federal student loan rates breaking records, borrowers may want to consider private loans, depending on their credit score, income and whether they can get a co-signer if needed.
The ADA continues to advocate for student loan debt relief, including legislation that would lower interest rates overall and pause the accrual of interest and payments on federal student loans for dental students in residency.
Read more: CNBC
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