Understanding Private Student Loans
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Receiving a college education may be the single most important accomplishment that one may achieve in their entire life time.
Do you need to apply for a student loan to pursue your college degree?
Do you need to apply for a student loan to pursue your college degree?
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Private student loans (sometimes called “alternative loans”) are used expressly for paying for college costs such as tuition, room & board, and other expenses.
- Private student loans should supplement federal or government student loans. Remember to always maximize your federal financial aid before seeking private loans.
- Private student loans are taken out from banks, lending companies or other private entities, in the student’s name, usually with a co-signer.
What to Look for in a Private Loan
Use the comparison tools here to consider all of the costs of a private student loan, including fees and rates.
Examine all of the attributes of each loan, such as:
- the annual percentage rate (APR)
- the total cost of the loan
- the monthly payment
- the loan’s borrower rewards
- student loan deferment options