Private Loans
Sometimes federal loans aren’t enough to meet your educational costs. That’s where private student loans can play a major role. There are dozens of lenders offering private loan programs for student to help fill the gap.Private student loans (sometimes called alternative student loans) are based on creditworthiness, may have a fixed or variable interest rate and all vary on the amount you may borrow, the fees charged and on their terms of repayment. Ask smart questions when considering a private student loan. These questions should include, but are not limited to:
- How much may I borrow?
- What are the fees associated with the loan?
- What is the interest rate on the loan?
- How is the interest rate calculated?
- What are the terms of repayment?
- Does repayment begin immediately or can I defer payment while I’m in school?
- How much will my payments be?
- Do I need a co-signer? (Most students will need a qualified co-signer to receive a private loan)
Because of the many variables involved in these loans, they are difficult to compare. We recommend using eStudentLoan’s LoanFinder to compare your options on terms that are easy to understand.