How to Choose the Right Private Student Loan Product

Getting a private student loan can be a great way to supplement your education expenses. Here are the basics of how to choose the right private student loan product for you.

Interest Rate

Whenever you are looking at a private student loan product, you want to pay special attention to the interest rate. Unlike federal student loans, interest rates on private student loans can fluctuate greatly from one lender to the next. This can impact the size of your monthly payment as well as the total amount that you pay over the life of the loan.

Repayment Term

You should also make sure that the repayment term is to your liking. Repayment terms on student loans can vary from anywhere between 10 and 30 years. The longer your repayment term, the lower your monthly payment is going to be. However, at the same time, you are going to be paying a lot more money in interest with a longer loan.

You will also want to see when you are going to have to start paying the loan. Some student loans allow you to wait until you are done with college to start making payments while others require you to pay from the beginning. If you want more information about choosing the right private student loan, be sure to look online for more resources.

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