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While applying for different colleges, you should also start looking for financial aid options to pay for your college expenses. Federal financial aid should be the first avenue for you as it contains popular schemes such as grants, student loans, and work-study. However, federal financial aid may not be enough for you so you may have to find student loans offered by private lenders.

About Student Loans:

The first thing you’ll discover while doing your research to find student loans is that among all the student loans, the federal student loans have the easiest repayment terms and the lowest interest rate. Also, you can get the unsubsidized version of Federal Stafford Loan at 6.8% interest rate without even displaying a need for financial assistance in your Free Application for Federal Student Aid (FAFSA). So, you should exhaust your federal financial aid options first, then your institutional and state options, and then as a last option find student loans by private lenders.

How to find Student loans by Private Lender?

The best way to find student loans by private lenders is to visit all the websites of private financial organizations and look for their student loan programs. You’ll discover that several well-known institutions like Citibank, US Bank, and Wells Fargo, to name a few, have student loan schemes customized for different types of students, i.e., undergraduate, graduate, law, and medical. Your modus operandi to find student loans should be to compare, compare, and compare. Opt for a loan that has the following features:

  • Lowest Annual Percentage Rate (APR)
  • No origination fees
  • No penalty for paying back the loan earlier
  • Longest Repayment Period

Applying for Private Student Loans:

After completing your search to find student loans that is suitable for your particular financial situation, the next step is applying. Applying is fairly simple and can even be done online or by phone. However, make sure you’ve a good credit history or your cosigner has one. Otherwise, you’ll not be approved for the loan. A cosigner is a better idea as there are more chances of loan approval and you can also get a lower interest rate.