Private Student Loans offer a student additional resources in the way of funding their education. In most cases, Federal Student Aid will not cover the entire amount of the cost of education. This is where Private Student Loans come into play.
These types of financial aid loans are designed to cover the remainder of the costs that aren’t covered by other financial aid options. Filling in the expense gaps is a very important piece in putting together your college funding puzzle. Private Student Loans can do that for you.
How can I get a Private Student Loan?
Generally speaking, you would apply for a Private Student Loan like you would any other loan. All you need is most cases is a social security number, income and expense information and a co-signer that would be a good candidate to qualify for the loan. Also, some loan agencies may ask to see your FAFSA report, so make sure you have that done and a copy on hand. You are only allowed to borrow an amount that will cover your college related costs, and nothing more. This is why you may need to have your FAFSA handy so they can see how much is being covered by Federal Student Aid. Much like the federal aid, the borrower does not have to begin paying the loan back until after they graduate from college.
Exploring Your Educational Loan Options
In order to streamline the Private Student Loan process, Simple Tuition has put together a FREE student loan finder. By just filling out a simple form, you can get a number of loan options without having to give up your personal information. There are numerous loan agencies that offer educational loans, so exploring many different options is the best practice for smart borrowers. Simple Tuition is a great resource for free loan information and options.
One of the biggest and most common loan agencies is Sallie Mae. They usually have pretty good rates, but you may want to shop around to see what other comapnies can offer you. Below is a list of large lenders that offer private student funding options:
- Charter One – TruFit Student Loan
- Chase Student Loans (Undergraduate, Graduate, Graduate Health Professions)
- Citi Student Loans
- Citizens Bank – TruFit Student Loan
- Commerce Bank
- Discover Student Loans
- Fifth Third Bank
- Sallie Mae