| College is one of the most exciting times in ones life, | | | | loans don't require a FAFSA report, while Chase bank |
| with the ability to spread your wings, enjoy time | | | | will require the report. The FAFSA report tells them |
| away from home, and of course finally learning the | | | | the amount of income you have per year for the |
| information you need in your career. Not everyone | | | | borrower, how much you can afford towards school, |
| going to college starts off with a goal in mind, but | | | | and whether you are going to obtain federal loans or |
| most everyone starts off needing financial assistance | | | | eligible for federal loans. |
| of some kind. There are many avenues to pursue | | | | With a private student loan the company really isn't |
| financial assistance from government, state, to | | | | going to care if you can obtain a federal student loan, |
| private student loans. When you are interested in | | | | but they will most likely base the amount they offer |
| obtaining a private student loan there are some | | | | you on the other help you will be receiving, if any. |
| things you nee to be aware of. Some of the private | | | | You can use a private student loan with more |
| student loans are better than city state loans that | | | | options. First you can receive more from the loan, |
| you can get, but for the most part you will find the | | | | but second you are not stuck just paying for tuition |
| private student loans are easier to obtain, but more | | | | and books with the private student loans. You can |
| difficult to pay back. | | | | have the loan for tuition, room and board, off |
| What I mean is most private student loans are going | | | | campus living expenses, books, supplies, lab fees, |
| to have a higher interest rate than the government | | | | student activity fees, computer and printer, and |
| loans you can obtain. There are of course many | | | | other college needs even vacation expenses. |
| reasons for choosing a private student loan despite | | | | The only worry you should have with the ease to |
| the interest rate. Let's look at what private student | | | | obtain this loan is the interest rate and payment |
| loans can do for you. You can with certain private | | | | periods. Some of the private student loans will offer |
| student loans borrow up to $35,000 a year for a | | | | payments after graduation, while others will call it |
| total of $150,000 per student. In other words if you | | | | deferment until after graduation still billing you for the |
| need the financial assistance as the student or parent | | | | interest rate. Student loans typically don't add the |
| helping out the student you will be able to borrow at | | | | interest rate until it is in repayment status. This |
| most $150,000 per year with some private student | | | | means you lock in an interest rate during the school |
| loans. The amount will vary depending on the loan | | | | time, but the money doesn't start accruing until after |
| company as well as the restrictions placed on | | | | it hits repayment status. |
| approval. Some like the Sallie Mae private student | | | | |