The short answer is that you probably would have been better off. You are right the a private company would have more leverage on you than the feds, but because of the way student loans are structured, you generally have a great deal of leeway in repaying them. Most loans can be deferred for a period just by asking. The fixed rate option is good too if you like to have some predictability in your finances. There was a great article in the Wall Street Journal on September 2 titled ‘Where to Find Help
In Paying Off College Loans’. If you go to and search you should be able to find it. It might only be open to subscribers. If so, write me back and I will send you the text.
I think the article will answer most of your questions.
March 7th, 2009
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Typically, government loans are going to be better. There are built-in safeties with government loans, such as forgiveness if you become disabled.
The short answer is that you probably would have been better off. You are right the a private company would have more leverage on you than the feds, but because of the way student loans are structured, you generally have a great deal of leeway in repaying them. Most loans can be deferred for a period just by asking. The fixed rate option is good too if you like to have some predictability in your finances. There was a great article in the Wall Street Journal on September 2 titled ‘Where to Find Help
In Paying Off College Loans’. If you go to and search you should be able to find it. It might only be open to subscribers. If so, write me back and I will send you the text.
I think the article will answer most of your questions.
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You did the right thing