Undergraduate Private Student Loans
Private Loan Benefits:
- Borrow up to the true cost of your education
- Fast eSignature process
Private student loans are a great college financing option that can help cover additional expenses above and beyond federal financial aid. Undergraduate private student loans can be used to pay tuition expenses, as well as books, supplies, housing expenses, school fees, transportation, and more.
Private loans are great for undergraduate students because they come with a lot of flexibility, making them a great resource for last-minute college expenses.
Here are a few benefits they offer undergrads:
- No deadlines - apply anytime throughout the year
- Borrowers can cover up to the total cost of attendance
- Choose from multiple repayment plans and interest rate options (fixed or variable)
- No payments until after graduation
All private student loans require a credit check for the primary borrower. Applying with a cosigner is highly recommended for undergraduate students, in particular. This is because undergraduates typically have a limited credit history, unlike older students whose credit has been established over the years. Adding a credit-worthy cosigner will help increase the chances for approval and could even lower the interest rate on the loan.
Private student loans for undergraduate students typically require that students be enrolled at least half-time, as determined by school policy. Additionally, students must be citizens or legal residents of the United States.
Because eligibility is determined by each private loan lender, borrowers should check with a lender directly for more information on specific eligibility requirements. Find a lender here.