Private Student Loans

Private student loans have gained popularity over the recent years as Federal funding hasn’t quite met the entire need of the cost of education. There are many other costs in education, besides just tuition. Commuting students need to cover transportation costs somehow. There are costly textbooks to purchase, lab supplies and flights home that aren’t always covered by traditional financial aid. Private loans are originated to you by a bank or other financial institution, unlike Federal loans. Private student loans also offer similar benefits to students as a Federal loan, such as deferred payment until graduation, different repayment terms, and borrower benefits.

General Eligibility Requirements:

» Any student enrolled at least 1/2 time in a degree-granting program at an approved school
» Any US citizen or permanent resident with a valid permanent-resident card
» Meet credit requirements – if you do not, apply with a co-signer for better approval chances and the best rates

Some commonly asked questions about Private Student Loans:

How much can be borrowed each year?
You may borrow from $1,500 up to $50,000 per year – there is a cumulative loan limit of $120,000.

Who receives the funds?
You do! One of the great benefits of private loans is that they are sent directly to you so you may use them for any education related expense.

When does repayment begin?
Just like Federal student loans, you may defer payments until six months after you graduate. However, if you wish, you may make immediate or even interest only payments while enrolled.

What if I don’t have good or even any credit? Can I still get this?
Yes. Even if you have poor or no credit, use a qualified co-signer, such as a parent or relative. While the loan will still be in your name, their good credit history can help you get this loan.

Are there any fees for this loan?
You may be able to have 0% fees, based on your or your co-signer’s credit.

How do I apply?
Simple! Visit this website.