Private student loans are lending instruments that provide funding to pay for a college degree or other similar educational pursuit. Unlike federal student loans, they are not backed by the federal government. Seeking out private funding can come with pros and cons for borrowers. These loans are likely to cost more in interest than government loans and they can also have a few other negatives attached to them. Private student loans are considered the option of last resort by many because they generally do not offer forbearance time and other related perks. Still, they can provide the capital needed to fund a future. They should be considered after other options such as private payment, grants, scholarships and federal loans.

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Choosing Your Private Student Loan Lender

A private student loan lender is a separate and distinct lender from those who offer government backed loans. Unlike loans that are offered by... »

Can you get a car loan if you have a student loan in default?

If your student loan is currently in default, you will not likely qualify for a car loan. When the car lender checks your credit,... »

Financial Aid for Older Students

Financial aid is available for older students from many different sources, as most don’t have age restrictions on their eligibility. Federal Financial Aid and... »

College Tuition and State Residency

Students receive a college tuition break if they live in the state where they hope to attend a public college or university. Specific rules that... »

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