Private Student Loan Guide
Private Student Loan is one of the best way to obtain money to support your education. Nowadays education fees, living cost has increase tremendously in U.S., the federal student loans, grants and scholarships might not enough to cover your entire education life. You probably need to get some money from other source to pay for accommodation, living, transportation, computer and etc.
Private loan is not restrict much on student's financial need, you may borrow up to what you really need and surplus money for other uses. Creditworthy students are also eligible to apply.
But before you taking the loan, ensure you have a proper repayment plan and you are capable to repay the money plus interest in the near future. Do not trap yourself into a critical financial situation. You should aware of the what will happen if payment defaulted, you will probably be sue or declare bankruptcy.
Private education loan lenders are more concerned on the credit rating of borrower. If student can get a cosigner while applying the loan, the chances of getting the loan is higher and the interest rate offer will be lower.
If decided to take a private loan, do not depend on 1 lender. As a wise borrower, you shall shop for multiple lenders and get their quotes. Compare each offer from them in term of rate, closing costs and other requirements. After comparison made, you will have a clearer mindset on which is the best offer for you.
For more student loan information, please check out Student Loans Guide instead of Private Student Loan
Return to Loan-God Home Page
Return to top of the page