Student Loans
Student loans are the one kind of borrowing where the lender you pick decides which protections you get for years afterward. These guides start with the federal-versus-private split, then cover cosigners, repayment plans, and the refinance that can help or quietly cost you.
Start here if: You're about to borrow for school, or you're sorting out loans you already have.
How Student Loans Work: Federal First, Then Private
Federal and private student loans carry the same word and almost none of the same rules. The order you borrow in decides which protections you get for years.
The student loans guides, in a sensible order
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Explainer
How Student Loans Work: Federal First, Then Private
Federal and private student loans carry the same word and almost none of the same rules. The order you borrow in decides which protections you get for years.
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Explainer
Private Student Loans and What a Cosigner Signs Up For
A cosigner is not a reference. They are equally responsible for every dollar, and the loan sits on their credit until it is paid or they are released.
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Decision guide
Student Loan Repayment Options Without the Guesswork
The standard plan clears the debt fastest and cheapest. An income-driven plan keeps the payment survivable. The right pick depends on your income, not a default.
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Decision guide
Refinancing Student Loans: When It Helps, When It Costs You
For a private-loan borrower with strong credit, a refinance can simply cost less. For a federal borrower, it can mean trading away protections you cannot buy back.
Questions people ask about student loans
Should I take federal or private student loans first?
Federal loans generally come first. They carry fixed rates, income-driven repayment and forgiveness paths, and relief options a private loan rarely matches. Private loans tend to fill a gap after federal aid. The full comparison.
What does a cosigner actually take on?
A cosigner is equally responsible for the whole loan. A missed payment hits their credit too, and the debt counts against them until it’s paid off or they’re released. What cosigning means.
Does refinancing student loans ever backfire?
Refinancing federal loans into a private loan can lower your rate, but you give up income-driven repayment, federal forgiveness and federal relief for good. For federal borrowers that trade-off is often the whole decision. When it helps and when it doesn’t.
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Loan Payment CalculatorEstimate the monthly payment and full cost of a fixed-rate loan, including an origination fee and extra payments, then set two scenarios side by side.
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Refinance CalculatorCompare your current loan with a new rate and term, including any fees, and find the point where refinancing starts to pay off.
- Planner
Affordability ExplorerStart from your take-home pay and regular costs to see what room is left for a new payment, without any one-size debt-to-income rule.
- Federal student loan
- A student loan made by the U.S. Department of Education, with a fixed interest rate set by law and borrower protections such as income-driven repayment, deferment, and forgiveness paths. Available after filing the FAFSA form.
- Private student loan
- A student loan made by a bank, credit union, or online lender. The rate and terms depend on the borrower's or a cosigner's credit, and it generally lacks the repayment and forgiveness protections of a federal loan.
- Cosigner
- Someone who signs a loan with you and promises to repay it if you don't, without owning the money or property. Their credit is on the line and the debt shows on their report.
- Income-driven repayment
- A set of federal repayment plans that base your monthly student loan payment on your income and family size rather than the amount you owe. Available on federal loans only.
- Grace period
- A short window after a due date during which a payment won't trigger a late fee. Not all loans offer one; the agreement says.
- Student loan refinancing
- Replacing one or more existing student loans with a new private loan at a new rate and term. Refinancing federal loans into a private loan permanently gives up federal protections such as income-driven repayment and forgiveness.
- Federal Student Aid (studentaid.gov)
The U.S. Department of Education's official site for federal loans, grants, the FAFSA form and repayment.
- CFPB: Student loans
Official guidance on paying for school, repayment and dealing with a servicer.
- CFPB: Repay student debt tool
A step-by-step tool for choosing a repayment path for the loans you have.