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Private Loans – The Alternative Education Loan For Students in Need of Additional Financial Aid
One of Uncle Sam’s greatest gifts to the American student is the federal student loan program, which makes college education possible for millions of young Americans. But federal student loans may not always cover 100 percent of tuition and fees. That’s why so many parents and students are turning to private student loans to fill the gap.
Private Student Loans — Not Just For Tuition!
The only talk these days is higher tuition costs. But what’s often overlooked are all the other college costs that can make attending college more financially demanding.
However, this may not be a problem for you, as most private loans can cover almost all college expenses, including: o room and board o off-campus housing o registration fees o textbooks o laptops/internet access o travel expenses to and from classes
How can you qualify for a personal loan?
Since private loans are made by private institutions such as a bank or other private lending institution, your ability to obtain a loan will be based on merit, particularly good credit, essentially a high enough credit score. Having a co-signer with good credit is even better from a lender’s point of view, as your overall likelihood of repaying the loan is higher with the co-signer’s good credit in mind. Therefore, the lender is more likely to approve you for a personal loan.
If you think about it, most consumer loans require collateral, like a house or a car. If the borrower defaults on the loan, the lender can repossess your property so they can sell it and recoup the money they loaned.
In the case of education loans, there is actually no collateral; i.e. How can a lender assume your education? Can not. That’s why lenders rely on a good credit record because it’s a strong indicator that you and/or your co-signer have a proven track record of paying off your credit cards or other loans in a timely and responsible manner.
Co-signers with good credit can help you qualify for a personal loan, lower your borrowing costs and improve your credit score!
Because personal loans are merit-based, the interest rate you receive depends on your credit history and income. If you don’t have one or the other or both, a credit-worthy co-signer can be invaluable. In fact, a co-signer with good credit can help you get a private loan with a lower interest rate, saving you a ton of money over the life of the loan.
Another added benefit of a creditworthy co-signer is “guilt by association, but in a good way.” This means that repaying your private loan in a timely and responsible manner under a co-signer arrangement will be a positive way to build your own credit record.
Take advantage of the benefits of a private loan
Of course, the main purpose of getting a student loan is to help you get a good education so that you can pursue your career aspirations. And smart use of credit is important. That’s why we encourage you to first look into as many federal student aid, grants, and scholarships as possible before applying for a private loan.
Personal Loan Application Process – Get Pre-Approved in Minutes If You Qualify!
However, once you find that a private student loan can be a viable alternative funding source to fill your educational financial gap, you can be pre-approved for a private loan within minutes of applying! Often the application process is very simple and can even be done over the phone or online with most lenders.
Longer prepayment terms and no prepayment penalties can help you better manage your cash flow after college
When it comes to paying back private loans, many lenders give you up to 20 or 25 years to do so. The absence of prepayment penalties means that you can pay off your loans as quickly or as slowly as you like within the repayment term, as long as you pay the minimum monthly payment.
Interest discounts can lower your personal loan costs even further!
Many private lenders would love to have your business. So be sure to shop around and ask each lender about these and other “borrower benefits” of a private loan, such as:
o Interest rate discount for automatic payment from a savings or checking account
o Interest rate discount for simple on-time payment.
o Low or no origination fees if you or your co-signer have good credit
Who is eligible for a private loan?
Keep in mind that each private lender has certain eligibility requirements. For most private student loans, you must meet the following criteria:
– Must be a creditworthy applicant or have a creditworthy co-borrower
– Must be a US citizen, US permanent resident or international student with a qualified US citizen or US permanent resident co-signer
– Must be of legal age according to the country of permanent residence (usually 18 years old)
– Can be a full-time, part-time or part-time student (including continuing education).
Types of private loans
The great thing about private loans is that many lenders have different loans that are tailored to your specific course of study. The name of the loan, the minimum and maximum loan amount and the loan repayment terms are adapted to the typical needs of the course you have chosen.
Undergraduate Private Loans – As the name suggests, apply for a private undergraduate loan if you are an undergraduate student or attending a career, technical and trade school in the US, at least half-time. Private loans for further education – This private loan is right for you if you are completing a degree, certificate program or attending classes for further career or personal development. A private loan for further education is available to you if you attend the relevant school at least part-time (less than half-time). Graduate/Professional Private Loan – If you have decided to pursue an advanced degree at participating colleges and universities and plan to attend at least half-time, this private loan can provide you with the funds you need to achieve your educational goals. K-12 Education Private Loan – If you are a parent or other adult sponsor (relative or friend) of children attending participating non-public primary schools, many lenders provide these loans to help cover costs. Most lenders offer private K-12 education loans for students attending private, religious, preparatory and military or special schools.
Need more money to pay for college? Personal loans are here for you!
Now that you’ve learned about an alternative way to pay for your college-related expenses, don’t let anything stop you from achieving the dream of success you desire. A great education is a wonderful thing and nothing should stop you from achieving your goals.
When you start or continue your education, the availability of private loans offers you the opportunity to finance your education when you don’t know where else to turn for the money you need.
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