Student Loans
Student Loans

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. Get started with
your investments here. |
No |