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Student Loans, in plain language
Federal vs private, interest accrual and repayment options.
What to know
- Federal loans offer fixed rates and borrower protections
- Private loans depend on credit and have fewer protections
- Unsubsidized loans accrue interest while in school
- Several repayment plans exist, including income-driven
Watch out: Refinancing federal loans into a private loan can forfeit forgiveness and income-driven options.
Key terms
SubsidizedGovernment covers interest during school for eligible loans.
CapitalizationUnpaid interest added to your principal.
Income-drivenPayments based on income and family size.
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