Private Student Loans

Private student loans are a tool that many people use to help pay for college. Here are the basics of private student loans and how they can benefit you.

Private Student Loans

A private student loan is offered by an individual lender. Most of the time, these are individuals that have extra money that they are willing to lend, and they want to receive a nice return on their investment. In most cases, the interest rates on private student loans are going to be quite a bit higher than what you can get from a federal student loan. However, if federal student loans do not cover all of your bills for college, you may need to consider private student loans to pick up the slack.

Qualifications

You are going to have to meet certain qualifications in order to get a private student loan. Each lender is going to have credit score requirements. He or she will also want to see that you have a certain amount of income in order to repay the loan. 

More Information

For more information about private student loans and why the interest rates are so high, be sure to check out https://www.loan.com/student-loans/why-do-private-student-loans-have-such-high-interest-rates.html.


Need a Student Loan? Click here!