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Private Loans – The Alternative Education Loan For Students in Need of Additional Financial Aid
One of Uncle Sam’s greatest gifts to American students was the federal student loan program that made higher education possible for millions of young Americans. But federal student loans may not always cover 100% of tuition and fees. That’s why so many parents and students are turning to private student loans to fill the gap.
Private Student Loans – Not Just Tuition!
All the talk these days is about the rising cost of college tuition. But often overlooked are all the other college costs that can make going to college financially more difficult.
However, this may not be a problem for you as most private loans can cover almost all college expenses including: o room and board o off-campus housing o registration fees o textbooks o laptop/internet access o travel to and from classes
How can you qualify for a private loan?
Since private loans are provided by private institutions such as banks or other private lending institutions, your ability to obtain a loan will depend on merit, specifically good credit, essentially a sufficiently high credit score. From the lender’s perspective, the availability of a creditworthy co-signer is even better, because your combined likelihood of repaying the loan is higher given the co-signer’s good credit. Therefore, lenders are more likely to approve you for a private loan.
If you think about it, most consumer loans require collateral, such as a house or a car. If the borrower doesn’t repay the loan, the lender can repossess your property, so it can be sold to get back the money lent.
In the case of education loans, there really is no collateral; ie, how does the lender get your education back? it can’t. This is why lenders rely on a good credit history, as it is a strong indicator that you and/or your co-signers have a strong track record of paying credit cards or other loans promptly and responsibly.
A creditworthy co-signer can help you qualify for a private loan, lower your borrowing costs and improve your own credit score!
Because private loans are merit-based, the interest rate you receive depends on your credit history and income. If you don’t have one or the other or both, having a reputable co-signer can be invaluable. In fact, a co-signer with good credit can help you secure a private loan with a lower interest rate, saving you a lot of money over the life of the loan.
Another added benefit of a co-signer in good standing is “guilty for association, but in a good way”. This means that timely and responsible repayments of your private loans under a co-signer arrangement will be a positive way to build your own credit history.
Benefits of taking advantage of a personal loan
Of course, the main purpose of taking out student loans is to help you get a good education so you can achieve your career aspirations. It is important to use credit wisely. That’s why we encourage you to first seek out as much federal student aid, grants and scholarships as possible before applying for a private loan.
The Private Loan Application Process – If You Qualify, Get Pre-Approved in Minutes!
However, once you determine that private student loans can be a viable alternative funding source to bridge the educational funding gap, you may be pre-approved for a private loan within minutes of applying! Many times, the application process is very simple, and with most lenders, it can even be handled over the phone or online.
Longer prepayment terms and no prepayment penalty can help you better manage your cash flow after college
When it comes to repaying your personal loan, many lenders will give you up to 20 or 25 years to pay it back. No prepayment penalty means you can pay off the loan as fast or as slowly as you want over the repayment period as long as you make the minimum monthly payments.
Interest rate discounts can help you further reduce your borrowing costs with a private loan!
Many private lenders want to own your business. So do your research, and be sure to ask each lender about the “borrower benefits” of these and other private loans, such as:
o Interest rate discounts on automatic payments from savings or checking accounts
o Enjoy interest rate discounts just by paying on time.
o Little or no origination fee if you or your co-signers are in good standing
Who is eligible for a private loan?
Remember that every private lender has certain eligibility requirements. For most private student loans, you must meet the following criteria:
– Must be an applicant in good standing or a co-borrower in good standing
– Must be a U.S. citizen, U.S. permanent resident, or international student with an eligible U.S. citizen or U.S. permanent resident co-signer
– Must be under the age of majority in your state of residence (usually 18)
– Can be full-time, part-time or less than half-time (including continuing education) students
Types of Personal Loans
The great thing about private loans is that many lenders have a variety of loans that can be tailored to fit your specific course of study. Loan titles, minimum and maximum loan amounts and loan repayment terms are all tailored to the typical needs of your chosen course of study.
Undergraduate Private Loans – As the name implies, apply for an undergraduate private loan if you are an undergraduate student in a university, or if you are attending a career, technical, and trade school in the United States, at least part-time. Continuing Education Private Loans – If you are completing a degree, certification program or taking courses to further your professional or personal development, this private loan is for you. You can get continuing education private loans if you attend an eligible school at least part-time (less than part-time). Graduate/Professional Private Loans – If you decide to pursue an advanced degree at participating colleges and universities and plan to attend at least half-time, this private loan can provide you with the funds you need to achieve your educational goals. K-12 Education Private Loans – If you are a parent or other adult guarantor (relative or friend) of a child attending a participating nonpublic elementary school, many lenders offer these loans to help cover costs. Most lenders offer private loans for K-12 education to students attending private, religious, preparatory, and military or special education schools.
Need more money to pay for college? Personal Loan is here for you!
Now that you’ve learned about another way to pay for college, don’t let anything stop you from pursuing the dream of success you want. A good education is a wonderful thing and nothing should stand in the way of your goals.
The availability of private loans gives you an option to finance your education when you don’t know where else to get the money you need as you begin or continue your education.
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