Private Student Loan Benefits
Are you wondering how a private student loan can help you overcome the challenges you face in paying for college?
Here is a list of solutions a private student loan can provide:
A private student loan can cover up to your school’s full cost of attendance, less other aid you’ve received:
- A private loan can cover the gaps between your financial aid package and your expenses
- Private loans aren’t based on financial need like Federal Pell Grants, Federal Perkins Loans and Subsidized Federal Stafford Loans
You aren’t required to complete the FAFSA to apply for a private student loan.
Private student loans offer a variety of choices:
- Many lenders offer fixed and variable interest rate options
- You can choose a repayment plan that fits your needs
- Different lenders offer different borrower benefits and loan terms
Private student loan lenders let you apply with a cosigner to increase your chances for approval and help you qualify for a better interest rate.
Many lenders offer loans with no fees. Interest rates can be competitive with Federal PLUS loan rates, especially for borrowers or cosigners with very good credit scores.
Many private student loan lenders offer a cosigner release option that enables you to remove the cosigner from the loan if you meet the lender’s requirements.
While private loans don’t offer all of the benefits of federal loans, several benefits are offered:
- There are no prepayment penalties
- Interest is tax-deductible
- You can earn interest rate discounts if you qualify
- You can refinance in the future with a private consolidation loan
PrivateStudentLoans.com enables you to compare multiple loan options in a single, convenient location. You’ll save the time and hassle of reviewing numerous web sites.
We’re here to provide you with the information you need to make smart financial decisions about paying for college. We strongly encourage you to exhaust all of your other financial aid options, including federal loans, before you take out a private student loan.