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Private Student Loan

What are Student Loans?

Student loans are financial aid programs that allow students to pursue higher education without having to worry about their finances. These loans have a lower rate of interest compared to regular loans and they also have a flexible repayment process that allows students to refund them with ease. Student loans include federal and private loans. Each of these loans has a different rate of interest, eligibility criteria and payback time.

What is a Private Student Loan?

Private school loans are offered by private institutes such as banks. They are a great choice for students who are unable to secure funding through other forms of financial aid. The rate of interest on private student loans varies according to the financial institution that is offering the loan. The repayment period can be extended and may last from anywhere between 10 years to 25 years. Learners can manage all their tuition, boarding and other educational expenses through a private student loan.

What are the Advantages of a Private Student Loan?

A private student loan has a number of advantages for students. These loans are much easier to get compared to other types of financial aid and the amount that is paid out can be used for various purposes. As these loans are paid directly to the student, they can choose what they want to do with the money.

How to Apply for a Private Student Loan?

In order to apply for a private student loan, students have to be enrolled at least half-time at an eligible community college, traditional college or university. The applicant must also be a U.S. citizen or permanent resident of the United States. It is also imperative to have a good credit history to avail a private student loan. Reviewing your credit report before applying for this kind of a loan can be useful as creditors consider the employment history, credit history and details of your accounts that are turned over to a credit company. Some private student loans may also call for a co-signer.