Apply for Student Loan
The good news is that you do not need to complete a FAFSA to apply for a private student loan. Instead, you should apply directly through a bank, private lender (such as Sallie Mae) or other financial institution to see what types of private loans they offer. In addition, your school's financial aid office will have a list of "approved" lenders that you can use as a starting point. Many lenders allow the convenience of applying online. You can research the different types of loans offered and compare rates, fees and repayment terms - all from the comfort of your own home.
Applying for a private student loan may be easier than a federal loan, but you must keep in mind that a private loan will cost you more money in the long run.
When applying for a private loan, be prepared to:
- Go through a credit check
- Share information about your (or your co-borrower's) income and employment history
- Share other personal information, such as Social Security number, date of birth and address.
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Once you've got all the details for Understanding How to Apply for Student Loan, learn about Private Loan Disbursement for Students on the next page.