Private Student Loan
Private Student Loans – Dispelling The Myths
If savings, grants, scholarships, and federal loans don’t cover the cost of your education, it’s time to turn to private loans. But young college students can’t qualify for a private loan, can they? Wrong! This article addresses this and other myths about student loans that you may run into.
I don’t have any collateral, so I can’t get a private loan.
Private loans are usually unsecured, which means no collateral is required. On the downside, this may also mean a higher interest rate.
I don’t have a good credit history (or no credit history at all)
Since the government doesn’t back private loans, your credit history is a consideration in being approved for a loan. If your credit history is bad or non-existent, you may be subject to a higher interest rate. And remember, you can always get a co-signer. Pay your loan off on time, and soon you will have a good credit history!
I have enough funds for tuition and fees, so I can’t get a private loan
In addition to paying tuition and fees, funds from private loans can be used to cover living expenses, supplies, computers, and other everyday living needs.
I can’t afford to make payments on a loan while I am still in school
For most loans, your principal and interest payments can be deferred while you are enrolled in school. Another option is to make interest payments while you are in school but defer paying off the principal. Your interest payments might even be tax-deductible!
I missed the deadline for applying for financial aid this year
You can apply for private student loans any time – there is no deadline. Depending on the financial institution you choose, you can be pre-approved in minutes and have the money (which will be sent directly to you) within a matter of days.
I don’t have a bank to apply through
Private loans are offered by thousands of banks, credit unions, and other financial institutions. Just search the internet for “private student loans” and you will find many places to apply to.
If you need the additional funds provided by private loans, don’t let myths and misconceptions keep you from applying!
This article is distributed by Next Student. At Next Student, we believe that getting an education is the best investment you can make, and we’re dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn more about Private Student Loans .
My goal is to help every student succeed – education is one of hte most important things a person can have, so I have made it my personal mission to help every student pay for their education. Aside from that, I am just a pretty average girl from SD.
Watch the video related to private student loan
Private Student Loan – College Loans – Education Loans Some college students even tend to get multiple loans to sustain their finances to college. Astrive Private Student Loan can supplement Private student loans to cover for the additional expenses of the student that is not dealt with…
Help answer the question about private student loan
How can I obtain a private student loan with bad credit and bankruptcy?I am need to get a private loan of 7,000 to pay for housing and school and I get regected all the time. So you know where theres a bad credit student loan or a grant or 2 i can obtain?
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Tags: Aurora Meneghello, college debt, Krotala Films, Private Student Loans - Dispelling The Myths, Sallie Mae, Serge Bakalian, Student Debt, Student Loans
private student loan consolidation | Admin August 9, 2009
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By irishman1, August 9, 2009 @ 7:48 am
Wells Fargo might be the only one worthwhile these days. Look for ones that have little or no origination fees and have reductions if the money you owe is periodically auto-deposited.
By wrestlingguy87, August 9, 2009 @ 9:29 am
Honestly, your answer is going to be no. You will have to have fair credit and proof of income plus decent work history or a co-signer. They will also want your savings and checking account information to put your finances under a microscope. It is a pain…I went the federal loan route. I wish you the best of luck!
By xsweetkisses03x, August 9, 2009 @ 3:37 pm
You actually won't see a check, they send it straight to your school's financial aid office. Any money that is left over will be reimbursed to you through your school's bursar office. (You might have to fill out a form asking for your signature to get your money back)
By E A, August 9, 2009 @ 7:06 pm
try http://cheaploancheck.com they should be able to help
By majax79, August 9, 2009 @ 8:56 pm
cause their private and only that student can only use it
By hope full, August 10, 2009 @ 2:29 pm
Sallie Mae
By girlygirl08, August 10, 2009 @ 10:31 pm
Private loans that require school certification take into consideration the cost of attendance less all other aid.
The cost of attendance estimate the school uses in certifying these loans includes an estimate for tuition, fees, books, supplies, personal/misc and room and board.
Be warned: private loans have high interest rates, are not tax deductible, require a cosigner, do not have any of the forgiveness provisions federal student and parent loans offer and require a credit check. They should be used only in extreme circumstances.
By Steve S, August 11, 2009 @ 4:18 am
here is a great artice on student load consolidation that may help you;
http://beezjazz.com/2008/03/18/studen-loan-consolidation-insider/
By Ms. Attitude, August 12, 2009 @ 6:37 am
The better loans will always be the federal loans. The interest rates will be better and the term and fees will be better. Some federal loans also are "subsidized" which means the government pays the interest rates on them while you are in school. In both situations the loans go to your school.
Read this book. It has a very good explination about federal student loans.
http://studentaid.ed.gov/students/attachments/siteresources/FundingEduBeyondHighSchool_0910.pdf