Private Loans
Federal loans only offer so much. Even if you receive financial aid, you still might not have enough money to pay for the total cost of your education. Private loans can make up the difference. Private loans typically offer more money than federal loans, and you can apply at any time of year (no FAFSA is necessary). However, private loans are also generally more expensive to pay back because they have higher interest rates and are not government-subsidized. Never sign a private loan that you don't think you can repay. Make sure you understand the repayment terms, and always know the interest rate and fees, including options to pay the loan early at any time without penalty.
Is a private loan right for you? Explore the different types below to find out.
Alternative Student Loans | About Alternative Student Loans
Think of school-certified loans as school-approved loans. Your school verifies that you are enrolled in its program and that you use the loan money in part to pay for education-related expenses. Find out how much you can get and where you can spend the money with these types of loans.
Direct-to-Consumer Student Loans
Direct-to-consumer loans don't involve your school at all. Instead, loans are paid directly to the borrower. Learn the basics about direct-to-consumer loans, including how loans are disbursed and what additional fees (if any) may apply.
Private Loans | Understanding Parent Loan for Student
Mom and dad can apply as co-signers on your loan if you don't have established credit or income. Like direct-to-consumer loans, private loans have fast turnaround times and can offer better rates if your parents have good credit. Get the fundamentals here.
Understanding How to Apply for Student Loan
If you're not required to fill out a FAFSA for private loans, then where do you begin? Start by researching different banks and private lenders online and find out what type of information you'll need to provide.
Private Loan Disbursement for Students
You've gone over the types of private loans, determined which is right for you and even figured out how to apply. Now find out how you will get your money.
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One of the private loans you can apply for is a school-certified loan. Read more on the page Alternative Student Loans | About Alternative Student Loans.