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How do I pick the right student loan for graduate courses? What are the benefits of a Direct PLUS federal loan vs a private loan such as Sallie Mae?

If you have access to federal student loans they are almost always your best bet. Here’s why.

• Typically federal student loans, including Direct PLUS loans, have a lower fixed interest rate than private student loans.
• Federal Direct loans are also eligible for loan forgiveness but private student loans aren’t eligible.
• Federal student loans also have the most flexibility during repayment, there are income-driven plans and options to defer payments. Private student loans have less repayment flexibility.

Federal student loans have numerous repayment options, are eligible for loan forgiveness, and typically have lower fixed interest rates than private student loans. If you have access to enough Direct PLUS loans to cover the cost of your graduate courses, pick those over private student loans. If you don’t quite have enough money in Direct PLUS loans, borrow the Direct PLUS loans first then carefully borrow the amount you still need to cover your courses from a private lender.