If you need a loan for college, you may be wondering whether a private student loan is the right choice for you.
Once you’ve made the decision to take out a student loan, you might want to know the differences between federal vs. private student loans and the deadlines associated with each.
Private student loans are student loans that are offered by private lenders like banks or credit unions to help people pay for the costs associated with college.
The question of whether or not you should get a student loan is quite personal and depends on your unique financial situation.
– You don’t have specific financial need requirements, but still want help subsidizing the cost of college – You’re looking to shop around with lenders to compare multiple loan options before selecting
It’s wise to apply after you’ve made your final school decision and once you know how much you need to borrow, so you won’t have to submit multiple student loan applications for all the schools you’re considering.
Considering the following factors can help you determine which type of private student loan makes the most sense for your personal situation:
– Interest rates and fees – Payment flexibility – Lender credibility – Ability to refinance or release a co-signer – Whether the lender sells their loans – Repayment benefits – Whether the lender is a preferred partner of your college or university of choice