Federal Loans or Private Loans? Which Student Loan is Better? – Prudent Money Show – 07/06/17

Bob interviews College Expert John Hupalo on the pros and cons of federal debt versus private debt.

Federal Loans or Private Loans? Which Student Loan is Better?

Bob interviews College Expert John Hupalo on the pros and cons of federal debt versus private debt.

Good information! I prefer government loans over private. I went through Sallie Mae and then my loans were sold to Navient. Navient is the worst company. They changed my payment plan from a 20 year to a 10 year, spoke to an outsider about my loans over the phone when I wasn't able to answer, and they didn't keep a straight record of payments. My federal loans on the other hand have a better interest rate, reasonable payment plan, and they work with you.

Good information! Although, I recommend not taking out loans in the first place! Go to an affordable school like community college and save up for a state college and graduate. Debt is a very big problem in this country!

I think that the key is to use them wisely if you are going that route. Fortunately, it appears that generation Z is doing so.

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