Private Loan Benefits:
- Borrow up to the true cost of your education
- Fast eSignature process
Private College Loans
Most college students need some kind of financial aid to meet rising tuition costs. Many students receive federal financial aid and scholarships, but often times that is not enough. For these students private college loans can be very beneficial.
PrivateStudentLoans.com helps connect students with the private student loans they need to finance their education.
Private College Loan Benefits
There are many benefits of private college loans.
- Flexibility Benefits: There are no deadlines with private college loans. You can apply for a loan whenever the need arises.
- Versatility Benefits: Private college loans can be used to pay for expenses beyond tuition including transportation, housing and books.
- Eligibility Benefits: Private college loans are based on credit rather than on financial need which means that anyone is with good credit or a qualified cosigner is eligible.
- Simplicity Benefits: Private college loans do not require a lengthy application like the FAFSA.
Private College Loan Options
Students have many private college loan options. Sallie Mae and Suntrust offer some of the most popular private college loans. Before applying for a private college loan make sure you know what you are signing off on. You should know when you will be expected to start paying your loan back, what the private student loan rate is, how much you will pay in the long run, and what the other terms of the loan are.
Loans For Private Colleges
Private colleges can be very expensive. Students attending private colleges can apply for both federal and private student loans. Federal loans, like the Stafford loan, are need based and require a FAFSA.
Private student loans on the other hand are not based on need and may not require a FAFSA. However, to qualify for a private student loan a credit check for the primary borrower and a cosigner is needed.
A third option is a Parent PLUS Loan; a federal loan that parents can take out to supplement their children's financial aid package. This loan comes with a low fixed interest rate and, like private loans, is based on a credit check.
Learn more about affording private college.