Private Student Loans

Alternative Student Loans

Private student loans also known as alternative student loans or personal student loans can help you pay for college, generally at better interest rates than other lines of credit. Private student loans can be used as supplemental funding after a student exhausted all other sources of financial aid, including grants, scholarships, Work-Study, and federal student loans.  Remember, just like any other loan, you have to pay off your private loans too.   Private student interest loans is stirctly dependent on your credit score.  With an excellent credit, students can get interest rates as low as prime+0.5%.  Since private loans are issued by banks they come in various forms and heavily marketed.  Some examples of private loans are:

• Community College Student Loan
• Undergraduate Student Loan
• Graduate Student Loan
• MBA Student Loan
• Medical College Student Loan
• Law College Student Loan
• Continuing Education Student Loan
• Career Training Student Loan
• Online College Student Loan  (a common one is UOP Student Loan)

Tips on Finding a Private Loan

• Compare several lenders before committing to one.
• Learn about payment structure.
• Learn about any interest rebates.
• Talk to other students who may have borrowed money to fund their education.