When federal aid does not provide enough funds for college, many students turn to private loans. There are many different lenders and many different loans available. Often times, this can cause confusion for parents and students.
Private loans can not only be used for tuition, room, and board, but for other college expenses such as books, supplies, school fees, and transportation costs. These loans can cover up to the full cost of your education and can applied for year round.
Private loans generally require a credit check and in most cases on co-signer is required on the application. As a student, adding a co-signer with good credit will help to increase your chances of approval and possibly even lower the interest rate. Repayment is not required until after graduation. Often times, lenders will lower your interest rate if you have your payment automatically debited monthly.
Companies such as SallieMae, Wells Fargo, and Discover Financial Services, all offer private student loans with low interest rates, no upfront fees, and other incentives.
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