Private student loans can provide low rates and flexible repayment, but experts recommend using them only after exhausting federal student aid and other types of aid Federal student loan limits (annual and aggregate) can leave a college funding gap that private student loans can fill. Private loans have different repayment plans, rates and credit requirements than federal loans, so reviewing your options carefully is important.

Before choosing private student loans, exhaust federal student aid, scholarships and grants. Choice of repayment terms and in-school payment plans Up to 100% of school-certified cost of attendance Loans available to noncitizens with an eligible cosigner Cosigner release after 12 on-time payments Paying for college can feel challenging, especially when you consider that the annual cost of room, board and tuition to attend an in-state public four-year school has topped $25,000, according to the latest available data from College Board.