Student Loan Fees
Here's an idea of the fees you'll pay on your student loans
It's generally understood that federal student loans carry lower interest rates than private or "alternative" loans—which is the main reason that experts say you should always exhaust your federal loan options before tapping into private loans. Since 1981, federal student loans have typically included various fees covering origination costs and insurance against default, while many private loans do not. Student loan fees differ depending on the type of loan you have applied for, so it's important to be aware of the fees you'll need to pay and understand what they are for.
Fees on federal direct student loans
Here's a look at the various types of federal student loan fees.
- Beginning July 1, 2010, Federal Direct Stafford Loans will not have any fees.
- Federal Direct PLUS Loans for undergraduates carry a 4% fee.
On the other hand, to take Citizen Bank's TruFit Student Loan® as an example, there are no upfront fees that come with the student loan, though such things as late fees naturally are applied if payments are made late.
Learn more about our affordable Citizens Bank TruFit Student Loans
Find additional student loan repayment information, or to understand your student loan statements, we have the resources that you need. Also, you can find helpful details about an affordable Citizens Bank TruFit Student Loan®. If you still have questions, call a student loan specialist at 1-800-708-6684, and we'll help walk you through the student loan process.