Private student loans are a way to finance your education when federal student loans aren’t enough. If you need a private student loan, we can tell you how to get started.
Private Student Loan Breakdown
WHAT is a private student loan?
A private student loan is just one of the many ways to pay for school. Private student loans are offered by private lenders and can be made by a bank, credit union, state agency or school.
WHY do I need a private student loan?
Sometimes, the cost of attendance is not met by the financial aid package – this is called a gap. Students will take out private loans in order to pay the remaining cost of college.
WHO can take out a private student loan?
Students and parents that are eligible! For borrowers, eligibility depends on the credit score of the borrower, debt-service-to-income ratios, minimum income requirements and other criteria.
HOW do I know which lender to choose?
You’ll have to shop around. Compare cost, convenience and customer service of several different lenders. Also, schools will typically provide a preferred lender list, which is a list of financial institutions that they trust to make loans.
WHERE can I apply for a private student loan?
Today, nearly all applications can be found online. If you have questions throughout the process, call the lender directly. Remember to borrow federal loans first – as they are cheaper – and use private student loans in the event that there is still a gap.