Private Student Loan Benefits
Private Loan Benefits:
- Borrow up to the true cost of your education
- Fast eSignature process
Private student loans are a handy form of financial aid that can be used to cover expenses not met by federal financial aid. In addition to tuition and room and board, private student loans can be used to cover virtually any school related expense:
- Tuition and fees
- Housing, room and board, transportation expenses
- Books, supplies, lab fees, and computers
Additional Private Student Loan Benefits
Deadlines, deadlines, deadlines. It seems at every turn in financial aid, there's another deadline to watch. Private student loans give you the flexibility to apply whenever the need arises during your time as a student. While federal loans may not disburse until a month into the semester, private student loans can fund in a matter of days after receiving your completed application.
Additional expenses may creep up during the semester that were not originally considered. Private student loans give you the versatility to pay for books, room and board, lab fees, and transportation.
Some scholarships and federal financial aid may not be available to you. Federal financial aid and federal student loans are based largely on demonstrated financial need (except for the PLUS loan), grade level, and student status. Private student loans are not need-based which means that any creditworthy borrower is eligible.
Borrower Rewards and Benefits
Many private student loan lenders offer benefits and discounts when repayment begins, or during the repayment term. We recommend that you discuss these discounts with your lender, as there may be differences between different companies. Examples of discounts offered:
- Interest rate reduction for setting up auto-debit during repayment
- Interest rate reduction at repayment upon verification of graduation
- Principle reduction upon graduation