 TITLE: What Are the Different Types of Federal Student Loans? CONTENT: When to Consider Private Student Loans\n--------------------------------------\nPrivate student loans don't come with a lot of the perks you'll get with a federal student loan, but they can be helpful for certain borrowers. Compared with federal loans, private student loans typically have higher interest rates, less flexibility and more eligibility restrictions. However, federal aid doesn't always cover your school costs in their entirety, and private student loans can offer advantages.\nFor one, some private loans don't charge fees. Plus, for borrowers looking at PLUS loans, an excellent credit score could land you a better interest rate with a private loan. You can check your credit report and credit scores for free from Experian to see where your credit health stands—you might want to take steps to gain extra points on your credit score to secure better private loan rates. Keep in mind that some private student loans charge variable interest rates—a feature that could cost you more in the long run than the fixed rates offered by federal student loans. END