--- title: 6.25.24 D2C Federal Vs Private Follow Up (NO COUPON) description: Strategies for paying and borrowing wisely. 4 Steps to choosing the right student loan. image: https://pages.collegeaidpro.com/hubfs/Webinar%20Template%20for%20YoutTube%20Thumbnails.png --- [Skip to content](https://pages.collegeaidpro.com/6.25.24federalvsprivateloans_redemptions#main-content) # Federal vs. Private: Choosing The Best Student Loan In 2024 June 25, 2024 --- Parent PLUS Loan rates have gone up again for this season...they are now 9.08% for all borrowers....plus a 4% origination fee.  Private Loans May be an interesting alternative. Borrowers with good credit can get rates starting just under 5% with no fees.  Below you’ll find a link to a student loan marketplace, where you can compare and get pre-approved.  One of the lenders, Earnest, actually has a Rate Match Guarantee. You’ll also see our suggestion on steps you can take to help ensure you choose the right student loan. 4 Steps To Choosing the Best Student Loan In 2024: Step 1: Apply through College Ave [here](https://track.collegefinance.com/7e182a86-8c31-46f2-a5e3-61c2617e4966?opeid=[opeid]&trackingId=[trackingId]&uid=[uid]), to get your rate. (3 Minutes to Apply.) Step 2: Apply through Sallie Mae [here](https://track.collegefinance.com/2a0f7b50-4f50-4d90-b85d-500fe8ce2ce2?opeid=[opeid]&trackingId=[trackingId]&uid=[uid]), to get your rate. (No origination fee or pre-payment penalty.)  Step 3: Apply through Earnest [here](https://track.collegefinance.com/2a833a16-ee70-4439-b288-5f3301cc9b53?opeid=[opeid]&trackingId=[trackingId]&uid=[uid]), to get your rate. (100% competitor rate match guarantee.) Step 4: Compare your private rates to the [Federal PLUS loan\*](https://studentaid.gov/plus-app/parent/landing) and to 3 state loan options; [Massachusetts](https://www.mefa.org/undergraduate-student-loans), [Rhode Island](https://www.risla.com/home-page), [Iowa](https://www.iowastudentloan.org/). \*\*NOTE:  The federal PLUS loan will have the highest origination fee (4%) and likely the highest rate (~9.08%), but they also offer forgiveness programs for civil service employees and more flexible repayment terms than private or state loans. --- ## Lender Fact Sheet ![college ave logo](https://pages.collegeaidpro.com/hs-fs/hubfs/college%20ave%20logo.png?width=225&height=225&name=college%20ave%20logo.png "college ave logo") ## College Ave - Apply in as little as 3 minutes and get an instant credit decision - Multiple repayment options from deferred to immediate principal and interest - Choice of how long you take to repay the loan - 5, 8, 10, or 15 years - 0.25% interest rate reduction when you make required payments by automatic debit - Borrow up to 100% of your cost of attendance (minimum $1,000) [Get My Rate](https://track.collegefinance.com/7e182a86-8c31-46f2-a5e3-61c2617e4966?opeid=[opeid]&trackingId=[trackingId]&uid=[uid]) ![sallie mae logo](https://pages.collegeaidpro.com/hs-fs/hubfs/sallie%20mae%20logo.png?width=225&height=225&name=sallie%20mae%20logo.png "sallie mae logo") ## Sallie Mae - Lowest rates shown include 0.25 percentage point interest rate discount with auto debit payments. - Applying online is easy - you could receive a credit result in about 10 minutes. - Multiple repayment options from in-school payments to deferred. No origination fee or prepayment penalty. - Borrow up to 100% of school-certified expenses, whether you're online or on campus. - Last year, students were 4x more likely to be approved with a cosigner. - [Disclosures](https://pages.collegeaidpro.com/2024-sallie-mae-disclosures?hsLang=en) [Get My Rate](https://track.collegefinance.com/2a0f7b50-4f50-4d90-b85d-500fe8ce2ce2?opeid=[opeid]&trackingId=[trackingId]&uid=[uid]) ![earnest logo](https://pages.collegeaidpro.com/hs-fs/hubfs/earnest%20logo.png?width=405&height=124&name=earnest%20logo.png "earnest logo") ## Earnest - Check your eligibility in just 2 minutes - Fast application and decision-making process - Flexible repayment options - No fees for origination, disbursement, prepayment, or late payment - Skip a payment once per year (once repayment period restarted) - Covers up to 100% of the school's certified cost of attendance - 9 month grace period (3 months more than most lenders) [Get My Rate](https://track.collegefinance.com/2a833a16-ee70-4439-b288-5f3301cc9b53?opeid=[opeid]&trackingId=[trackingId]&uid=[uid]) --- ## **Webinar Replay** Video player - Federal Vs Private loans - Click to play video Copyright © 2026, College Aid Pro [![Logo](https://pages.collegeaidpro.com/hs-fs/hubfs/College%20Aid%20Pro%E2%84%A2.png?width=350&height=80&name=College%20Aid%20Pro%E2%84%A2.png "Logo")](https://collegeaidpro.com/)