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Student Loans

Presentation Slides

Presentation Slides

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Comparing Federal vs Private

Features

Federal

Private

Payment amount

Based on balance, interest rate, and length of repayment period.

Or amount is based on portion of income.

Based on balance, interest rate, and length of repayment period.

Bankruptcy treatment

Generally, not discharged in bankruptcy.   However, a debtor that can pass the undue hardship test and includes an adversary proceeding in the bankruptcy process might have loan discharged.

May be discharged as an unsecured debt like credit card debt.

Death or total permanent disability

Loan discharged

Loan generally not discharged

Remaining balance forgiven

Balance is forgiven after paying for 10, 20, or 25 years on an income-driven repayment plan.

No forgiveness

Payment impacted by pretax retirement contributions

No for standard repayments.  Yes for income driven repayment.

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