Student loan

[ptmonster]

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I read that federal loan is way better than private loan (ex. Wells fargo student loan??!)
But the interest rate for federal is compounded montly, while private is yearly. Do I have the right information here??
Can someone explain to me their student loan situation???

 

[Redtwogreen]

Hey @ptmonster -- you have probably figured this out by now but most student loans are typically compounded daily. Usually the best option when you are starting school is to get federal loans if you can, and then refinance with a private lender after you are done with school. Private lenders like sofi and commonbond can usually get you a better interest rate but when you are just starting out you might want to keep your options open with the federal income based repayment plans, etc. Hope that helps! We blog about paying off our $600k in student loans so if you have more questions feel free to check us out. Good luck!

 

[Dj2PT]

wooah 600k?? do you have link to said blog?