Beside grants, scholarship and federal loans, private college loans also one of the way to getting money to cover up your expenses. The grants, scholarships might not enough to support your other cost such, textbook, renting room, foods, transportation and etc. All extra cost can be cover up by the private loan.
Not all students are eligible for the private student loans, below are the basic requirements of the loan :-
1) U.S. citizen or permanent resident
2) Enrolled at a lender-eligible school
3) Creditworthy (or applying with a creditworthy co-signer).
The loan amount is vary from different cases, amount can be borrow up to 100% of the overall cost of attendance (less other financial aids you obtained). And the application amount need to be certified by the school in order to get approve.
Talk about rate and fees, there are 3 major types of fees will charge by lenders (all subject to change) :-
1) Application fee - Pay during application of the loan, it is compulsory to pay but this fee does not serve any guarantee that you application get approve.
2) Origination fee - This fee will charge by lender while issue the loan to you, generally it's added into the loan. For people who has good credit score, the origination fee will lower.
3) Repayment fee - Depending your creditworthiness, not all but some lender may access this fee when you begin to repay the loan.
All those fees charges shall be aware before taken the loan offer from lender. You should get at least 3 lenders to quote for you, compare their offers and ask for lower / better rate.
For more student loan information, please check out
Student Loans instead of College Loans
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