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- Student LIFE Blog
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Private Student Loans
Private Student Loans
Editor's Picks for Private Student Loans
Once you’ve exhausted federal aid, private student loans can help fill in gaps in college funding. Learn how to find the best private student loan option for you.
Colleges and lenders have programs in place to help you make ends meet when you need it most. Learn more about emergency help, including federal, state, institutional and private student loan options.
Having a student loan cosigner is a great way to get approved for a private student loan and qualify for a lower interest rate. A cosigner can be any responsible adult who fits the criteria. Look for a lender that offers cosigner release as a way to relieve your cosigner of their responsibility once you’ve made a series of on-time payments.
Most Popular Private Student Loan Articles
What are Private Student Loans
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Private student loans provide you with an opportunity to borrow money to pay for your college, university, or other post-secondary educational expenses. Unlike federal student loans, private student loans are not funded by the government and are typically subject to private lenders’ terms and conditions.
Pros and Cons of Private Student Loans
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Learn the pros and cons of Private student loans, including borrowing up to your school’s certified cost of attendance, and potentially lower interest rates than federal student loans.
How to Find a Creditworthy Cosigner
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The rising costs of college have made it more difficult to cover all the costs without having to borrow money in many cases. Private student loan lenders generally want student borrowers, (who for the most part lack a credit history), to have a cosigner to ensure the loan has a higher probability of being repaid on-time and in full.
A private student loan is a credit-based loan for college that can cover the gap between financial aid received and the full cost of attendance. Private student loans are issued by private lending institutions, such as banks and credit unions.
Private student loan terms and conditions vary by lender. However, there are some terms and conditions that tend to be pretty similar from lender to lender.
One way to find a private lender that works with your school is to contact your school’s financial aid office, you can also enter your school on the home page of Edvisors.com to see a list of lenders that work with your school.
The exact amount of time it takes to get a private student loan will vary by lender, school, and time of year. Generally, the process can take as little as two weeks and as long as two months.
Unless you have a strong credit rating and history, you will probably need to apply for a private student loan with a credit-worthy cosigner.
Yes, some private student loan lenders offer options for students who are seeking professional training and trade certificate programs.
What are Private Student Loans
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Private student loans provide you with an opportunity to borrow money to pay for your college, university, or other post-secondary educational expenses. Unlike federal student loans, private student loans are not funded by the government and are typically subject to private lenders’ terms and conditions.
Pros and Cons of Private Student Loans
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Learn the pros and cons of Private student loans, including borrowing up to your school’s certified cost of attendance, and potentially lower interest rates than federal student loans.
Private Student Loan Interest Rates
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Find current private student loan interest rates and compare to federal student loan interest rates to find the loan that is right for you.
Private Student Loans: Myth vs. Reality
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Have you heard a lot about private student loans? We're busting 7 common myths with expert advice.
Compare your student loan options easily with our comparison tables. Understand the benefits of Direct subsidized and unsubsidized loans, PLUS loans, and private student loans.
How do Private Student Loans Work
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With private student loans, you must carefully consider your options to select a loan with terms that fit your needs.
Student Loans without a Credit History
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If you have poor or no credit score, or don’t have a creditworthy cosigner it is likely you won’t be eligible for a traditional private student loan.
History of Student Loans
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Student loans in America can be traced back to the introduction of the GI Bill of 1944 and the Higher Education Act of 1965.
Low Interest Student Loans
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Student loans are often necessary to help pay for college. Finding low interest student loans will help save money on the total cost of your education.
Responsible Student Loan Borrowing
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Are you worried about graduating with a mountain of debt? We've got some great strategies to help you borrow responsibly while making your college dreams a reality.
When shopping for student loans, it's helpful to know the average student loan interest rate of private and federal student loans.
Best Private Student Loans for December 2023
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Once you’ve exhausted federal aid, private student loans can help fill in gaps in college funding. Learn how to find the best private student loan option for you.
Student Loan APR: Calculating the Real Costs
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Federal student loan interest rates are as low as 5.50%, and private loans start around 5.09%. But what does it really cost to borrow? Origination fees and other factors make a big difference on federal and private student loans.
Student Loan Handbook
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Student Loan Hacks
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You can conquer your student loan debt. Here are some hacks, including tips on loan forgiveness, to help ease the burden of student loan debt.
Private Student Loan Forgiveness
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Private student loan forgiveness does not exist; at least not in the same way that federal student loan forgiveness exists. This article will examine some of the things you may be able to explore with your lender, or potentially with your attorney if you’re pursuing bankruptcy.
How Long Does it Take to Get a Student Loan
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You may be wondering how long it takes to get a student loan? Generally speaking, you can expect your application to be processed in as little as a few days, to as many as a few weeks, but it could be months before the loan is disbursed.
Where Can I Find Student Loans
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If you are looking for a student loan, there are a number of options available to you. Depending on your situation, you may be able to choose from federal loans, private loans or both.
How to Apply for a Private Student Loan
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Private student loans are educational loans provided by private lenders such as banks, credit unions, online lenders, and other financial institutions. Private student loans typically require a credit check and may require a co-signer if the your credit score is low or if you have little or no income. The interest rates on private student loans may be variable or fixed.
Private Parent Student Loans
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Several lenders offer private loans specifically for the parents of college students. Learn more about the costs and benefits of Private Parent Loans.
Student Loans for Nursing School
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There are federal and private student loans available for nursing school. Once you’ve exhausted federal student loans, private student loans may help you fill the funding gap. Learn more about your federal and private student loans options.
Emergency Student Loans
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Colleges and lenders have programs in place to help you make ends meet when you need it most. Learn more about emergency help, including federal, state, institutional and private student loan options.
Income Share Agreements (ISAs) provide students with money to pay for college in exchange for a percentage of their income after graduation. Learn about using ISAs to pay for college.
What are Institutional Loans for Students?
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Many colleges and universities offer their own loans to help students and families pay for college. Institutional loan funds typically come from the college’s resources, alumni, corporations, foundations, donors and repayments from prior college loan borrowers.
Best International Student Loans
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International students have limited U.S. loan options when it comes to borrowing to pay for college. There are lenders that work with international students, particularly if they have an eligible cosigner.
Are you a Texas resident or an out-of-state student attending a school in Texas? Discover student loan options specifically for students in Texas.
Learn which student loans do not require a credit check, and what you need to know to qualify for credit-based student loans.
You may be excited to know that you can use federal student aid, federal student loans, and private loans to cover the cost of attending many online colleges.
Student Financial Aid
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You may be wondering how you can afford to go to college. Financial aid is a way for you to get money to help cover the cost of your education. Financial aid comes in different forms such as grants, scholarships, work-study programs, and loans. This money is provided to you to make college more affordable and accessible.
Private Student Loans for Trade Schools
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Attending trade school can be beneficial for a number of reasons. First and foremost, a trade school can save money when compared with traditional 4-year degree programs at colleges and universities. Because trade programs typically shorter than four-years, overall tuition costs are typically lower.
When considering your loan options, many students and parents wonder why they have to borrow a student loan. If they find a personal loan with better terms, or they’ve hit their student loan limits, wouldn’t this be an “okay” choice? While borrowing money is ultimately the choice of the borrower, it’s important to understand how each type of debt works before you make that decision.
Student Loans for Community College
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One of the main advantages of a community college is that it can be much more affordable than attending a traditional four-year university. Community colleges are typically less expensive to attend, as tuition and other associated fees tend to be lower. That being said, you may need help paying for tuition and books even at a community college,
Pros and Cons of Parent Student Loans
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As a parent, you want to support your child’s educational dreams and help build a strong financial future for them, but should taking out a loan really be part of that plan? Before you sign on the dotted line, it's important to know what options are available to you and you’ll want to understand all the pros and cons associated.
What is a Parent Student Loan
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The cost of tuition is constantly rising, sometimes making it tough to cover all their expenses without incurring some kind of debt. One option that may help bridge the gap and keep your child from incurring debt is a Parent Student Loan. There are two main types of parent student loans: Federal Parent PLUS Loans and Private Parent Student Loans.
Credit Union Student Loans for Parents
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A credit union student loan for parents is a type of loan meant for parents who want to help their child pay for college but may not have enough money in savings or a 529 plan to cover all the costs. The loan can be used to pay for tuition, books, living expenses and other costs associated with attending college.
Parent Student Loans
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Find the best parent student loans in December 2023 and compare their features and benefits.
Refinancing Parent Student Loans
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The decision to refinance a parent student loan will depend on what your circumstances are along with the type of parent student loan you have.
Do Student Loans Affect Credit Score?
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Your credit score is positively affected by the on-time student loan payments you make, and negatively affected when you miss or make late paymentsYour credit score is positively affected by the student loan payments you make, and negatively affected when you don’t make payments..
How Does Interest on Student Loans Work?
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Interest on a student loan is the cost you pay for borrowing money. Federal and private student loans have different interest rates and formulas for calculating interest.
Private Student Loans and Credit
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Credit is a big factor in getting approved for a private loan for college. Learn how banks judge your credit and how this affects your loan options.
Having a student loan cosigner is a great way to get approved for a private student loan and qualify for a lower interest rate. A cosigner can be any responsible adult who fits the criteria. Look for a lender that offers cosigner release as a way to relieve your cosigner of their responsibility once you’ve made a series of on-time payments.
Student Loans Without a Cosigner
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Students who do not have a cosigner are still eligible for student loans. Options include federal student loans, as well as some private lenders if you qualify. Learn more.
How to Find a Creditworthy Cosigner
Updated on
The rising costs of college have made it more difficult to cover all the costs without having to borrow money in many cases. Private student loan lenders generally want student borrowers, (who for the most part lack a credit history), to have a cosigner to ensure the loan has a higher probability of being repaid on-time and in full.
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