| So you're Joe College and you have elected not to | | | | on a credit card. The main thing to avoid are late |
| pursue federal student financial aid, for any of a | | | | payments or a history of running up a large credit |
| number of reasons. That's fine, but what are your | | | | card bill as those will reflect negatively on your credit |
| other options? You could try to apply for private | | | | history. |
| student loans, for one thing. | | | | Since it is more than likely that you are a very young |
| As with most other things, when I am hunting down | | | | person, you will probably be required to provide a |
| information, my starting point is always the Internet. | | | | co-signer. That is someone who also has a good |
| Do a search online, using any of the major search | | | | credit rating and has proof of sufficient income and a |
| engines, using the words 'private student loans' and | | | | low debt load, who is willing to guarantee repayment |
| you will turn up at least 50,000 related websites. | | | | of the loan in the unlikely eventuality that you may |
| Keep in mind, however, that not all of these will be | | | | be unable to repay the loan yourself. |
| pertinent. Typically the first fifty or so websites will | | | | I would always advise students to first seek grants |
| be helpful, and fifty different sources of information | | | | and scholarships as these do not have to be repaid, |
| is pretty good in anyone's book! | | | | but the truth is that not everyone is eligible for a |
| Now you have searched and turned up a sufficient | | | | scholarship or grant, and it is a blessing that those |
| number of sources - good for you, a lot of the work | | | | persons can obtain student loans to finance their |
| has been taken care of...but you still have to sift | | | | education. And helping someone find private college |
| through the sites. You need to establish a set of | | | | loans is a worthwhile endeavor! |
| criteria when applying for private student loans. | | | | Try to avoid borrowing more than you will be able to |
| The requirements for private student loans are fairly | | | | repay within a reasonable period of time. When you |
| simple. You need to have at least a 27 month history | | | | apply for private student loans, remember to look for |
| of credit of some sort, whether repayment of a | | | | those with a low interest rate and at least a partial |
| small loan over a period of time or regular payments | | | | forgiveness clause. |