Friends Don’t Let Friends Borrow Private Student Loans
Heather isn't a big fan of private loans, since most have variable interest rates and less flexible repayment terms. Also private student loans are never eligible for Public Service Loan Forgiveness. Yuck.
In this Federal vs. Private Student Loans Podcast, Amanda Loveday, host and producer for Law School Interactive, interviews our own Heather Jarvis and Glen Herrick, Senior Vice-President with Wells Fargo. The experts agree that students should look first to grants and scholarships, then federal student loans, and should only consider private loans if money is still needed.
So remember, friends don't let friends borrow private student loans before they exhaust their ability to borrow federal student loans. If you can't get enough money together to pay for your education without borrowing private student loans, take a hard look at all your options. Maybe you can find a more affordable alternative.
