| If you are a student who has expended all of your | | | | government loan packages or other aid. |
| government financial aid funds or government | | | | It is important to remember that your private |
| student loans funds, or perhaps did not meet the | | | | student loan is a credit based loan, which means that |
| federal requirements for receiving student aid, you | | | | it does require that you submit to a credit report. If |
| should consider taking out a private student loan | | | | you do not have good credit, or if you have limited |
| today. It is free to apply for private student loans, | | | | or no credit, you must apply alongside your parents |
| and your approval and funding amount will not be | | | | for the private loan that you need. Your parents |
| based upon your actual need as government funding | | | | would be the cosigner for your private student loan, |
| solutions are. | | | | which simply means that they agree to make the |
| Borrow The Money You Need Today | | | | payments on your private student loan if you should |
| A private student loan is a credit-based loan as | | | | default or be unable to make the payments for |
| opposed to a needs-based loan such as the Perkins | | | | some other reason. |
| or Stafford loan. The private student loan is available | | | | No Payments Until Graduation |
| both to students and their parents, which makes it a | | | | Your private student loans payments in most cases |
| viable choice for financing education at affordable | | | | would not be due until you have completed your |
| rates of interest with payments that can easily fit | | | | education or left school. While you are attending |
| into the budget of the parent, or the budget of the | | | | school, your student loan is considered to be in the |
| young professional. Even those students who have | | | | cumulative period, which means that you will have |
| taken out federal government grants can still qualify | | | | the option of paying or not paying the interest that |
| for a private student loan in amounts up to $50,000 | | | | accrues on the loan during this time. If you elect to |
| or more. Graduate students tend to borrow larger | | | | pay the interest, then you will owe significantly less |
| amounts. | | | | when you start paying the loan off once you have |
| Money To Pay All Expenses | | | | received your education. In most situations, your |
| Your private student loan can be used to pay for the | | | | student loans will need to be paid off within ten |
| costs of tuition, books, housing (either dormitory or | | | | years of receiving your final degree, but there are |
| off campus housing), lab fees, association fees, | | | | also longer repayment periods for larger student loan |
| clothing, computers, dining and other food expenses, | | | | amounts and other situations that might arise. |
| or any other costs that are associated with your | | | | You can find great student loan options online. Many |
| education. Many students find that their private | | | | online student loan servicers offer greatly reduced |
| student loan can encompass all of the expenses they | | | | rates of interest that are very competitive with the |
| have for the entire academic year, and thus they | | | | rates that the federal government charges for their |
| have more time to focus on their studies without | | | | loan products for students. |
| worrying about finances and scraping by on meager | | | | |