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Hi everyone,

So I have received a full tuition scholarship to a T2 school, but I need to take out a loan for cost of living expenses (books, rent, food, etc.). After doing some estimating, the cost of living (basically everything beside the $45,000/year tuition) for me will be about $15,000/year. I'm debating between accepting the Federal Direct Unsubsidized Loan I was offered (Stafford I think? $20,500/year) or taking out a Graduate Loan through Wells Fargo (my current bank) for $45,000. I have good credit, so I'm not worried about the interest rate on the private loan. I know there's Loan Repayment Assistance option for the federal loan as well, but I'm not 100% on pursuing Public Service as of yet-- so that isn't a huge factor in this decision.

It seems like most law students tend to go with the federal loan... would that be the best route for me as well?

thank you!

Apart from the public service option, federal loans allow you to get on income-based repayment plans that cap your payment as a percentage of your income. If you come out of law school with a low-paying job this is extremely helpful. But it's only available for federal loans, not private.

The first response nailed it pretty well. Federal loans have a ton of flexibility built in while private loans are subject to individual terms with minimal flexibility for repayment/etc. If you have any questions please feel free to PM me- I just finished an essay related to this topic.

I'm international so cannot take federal loans, but even getting private loans which are about 4% lower and no origination fees etc. compared to federal loans I would have taken federal if I could. That flexibility is huge, ESPECIALLY at a T2.