Private Student Loan Benefits
Email This ArticleAre 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.
Problem / Concern | Solution |
Your financial aid package falls short of your needs:
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A private student loan can cover up to your school’s full cost of attendance, less other aid you’ve received:
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You didn’t fill out the FAFSA, but you need a loan for school. | You aren’t required to complete the FAFSA to apply for a private student loan. |
You’re worried about paying the loan back:
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Private student loans offer a variety of choices:
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You don’t have a long credit history and you don’t think you can get approved for a private loan. | 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. |
You’ve heard that private student loans have lots of fees and are just too expensive. | Many lenders offer loans with no fees. Interest rates can be competitive with PLUS Loan rates, especially for borrowers or cosigners with very good credit scores. |
You don’t want your cosigner to have to bear the financial obligation of your student loan for decades. | 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. |
You’ve heard that private student loans don’t have any of the benefits offered by federal student loans. |
While private loans don’t offer all of the benefits of federal loans, several benefits are offered:
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You don’t have time to research all of the different private student loan lenders. | PrivateStudentLoans.com enables you to compare multiple loan options in a single, convenient location. You’ll save the time and hassle of reviewing numerous websites. |
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 student loans, before you take out a private student loan.