Complete the FAFSA and review grants, scholarships, savings, school aid, and eligible federal loans before using private credit.
What fixed means
A fixed rate generally remains unchanged for the life of the loan, which makes scheduled payments easier to forecast. Verify whether a discount is included in the displayed rate and what happens if the discount ends.
What variable means
A variable rate is usually based on a published benchmark plus a margin. The payment and total cost can change as the benchmark changes. Record the index, margin, reset frequency, and any floor or cap in the disclosure.
Run a stress test
Model the starting rate, then add two and four percentage points. Compare monthly payment and total repayment under each scenario. The goal is not to predict rates; it is to see whether the budget remains viable if conditions move against you.
Match the comparison to the timeline
A borrower planning rapid repayment faces different exposure than one choosing a 15- or 20-year term. But future refinancing is not guaranteed. Evaluate today’s contract as if it must be carried to maturity.
Do not compare rates without terms
Compare the same loan amount, term, repayment start, fee treatment, and discount assumptions. Otherwise the apparent rate comparison can disguise a different cash-flow structure.
Primary sources
Sources were checked during the September 11, 2026 review. Provider terms and federal rules can change.
Next decision
Use a calculator to test the amount and full cost, then compare public lender features. Final eligibility, rate, and loan terms come only from the authorized provider.