8% federal loan or 5.56% private loan?
I'm starting law school this fall and I'm only going to need to borrow around $50,000/year. At first I was set on just taking the $50k federal unsubsidized loan (because of the income-driven payment plans) but then I got a private loan offer at an interest rate much lower than the federal rate:
5.56% APR on $50k loan. 10 years fixed.
For reference, the federal loan interest rate is 8.07%.
I'm at a T14 law school and am planning on going into big law. Which one do you think I should do?
u/DryCryptographer2032 — 11 hours ago