Private Student Loans

Private student loans are a way to finance your education when federal student loans aren’t enough. If you need a private student loan, we can tell you how to get started.
Private Student Loan Breakdown
WHAT is a private student loan?
Private student loans are offered by private lenders. A private student loan enables you to borrow the money you need to pay for college.
WHY do I need a private student loan?
If your financial aid package from the school fails to meet your need, you may need to apply for a private student loan.
WHO can take out a private student loan?
Both students and parents can take out private student loans to pay for the student’s education, if eligible. Eligibility may be based on the credit scores of the borrower (and cosigner, if any), debt-service-to-income ratios, minimum income requirements and other criteria.
HOW do I know which lender to choose?
Borrowers choose lenders based on a combination of cost, convenience and customer service.

Since most private student loans do not provide up-front pricing, prospective borrowers may need to apply for several different private student loan programs to determine which will charge them the lowest interest rate.

Talk to your school about their experiences with the lenders you are interested in. Some colleges provide a listing of two or more preferred lenders.
WHERE can I apply for a private student loan?
Most lenders have online applications. However, it is important to research the loan programs carefully, as interest rates and other terms may vary significantly from lender to lender. Students should always borrow federal first, as federal student loans are cheaper, more available and have better repayment terms than most private student loans.

Private Student Loan Articles

  • +35

    Making Smarter Student Loan Decisions

    Making Smarter Student Loan Decisions
    It’s no secret that college is getting more expensive by the minute. For instance, the cost of education at a university rose from 23 to 38 percent between 2001 and 2010. That’s a huge climb! In attempts to make college possible, many students take out student loans in pursuit of their higher education. While an investment in education is one of ...
    Published 7 months ago | Rated: +35
  • +15

    Choosing a Student Loan: Public vs. Private

    Choosing a Student Loan: Public vs. Private
    Loans – it’s a pretty loaded word, especially when it comes to higher education financing. Though they all serve the same purpose – helping you pay for school – they can come from a variety of sources. All students are encouraged to file the FAFSA, which will determine eligibility for financial aid. With this form, eligible students have the option to ...
    Published over 1 year ago | Rated: +15
  • +23

    Have You Considered Consolidating?

    Have You Considered Consolidating?
    No matter what type of loan you take out, it comes with its own interest rate. It can seem like a riddle when trying to keep track of your loans and payments. When it comes to loans, consolidation can be a great option. In consolidating your loans, it can become easier to handle because, essentially, your multiple loans will become one ...
    Published about 2 years ago | Rated: +23
  • +22

    Guidelines for Financial Freedom

    Guidelines for Financial Freedom
    When you’re a student trying to pay for school, one of the greatest challenges can be managing your finances in the best way possible. With so many options out there, it’s difficult to decipher right from wrong and what will be best for you in the future. Following these guidelines will help you understand how to determine what’s best for you, ...
    Published over 2 years ago | Rated: +22
  • +28

    How America Pays for College

    How America Pays for College
    Sallie Mae, the nation’s number one financial services company specializing in education, in conjunction with Ipsos, has released a new national study, "How America Pays for College 2013." The study’s findings were based on survey results from around 800 undergraduate students, between the ages of 18 and 24 years old and the parents of undergraduate students. According to the study, families ...
    Published over 2 years ago | Rated: +28
  • +19

    Debt Worriers

    Debt Worriers
    At this point, it’s old news that student loan rates have doubled. It’s also nothing new to hear that student debt is higher than ever, surpassing $1 trillion. Student loan debt inflicts one out of five Americans over the age of 20; two out of three college seniors (2011). The average amount is nearly $27,000 – not a small amount by ...
    Published over 2 years ago | Rated: +19
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