What are Private College Loans?
There are two main types of college loans -- federal and private. While federal college loans are provided by the U.S. Department of Education, private college loans are obtained from banks, credit unions or other lenders not associated with the government. Whether or not a private college loan is right for you depends on your individual circumstances. The issue of how to pay for higher education is one that should be considered in depth before final decisions are made.
Federal student loans like the subsidized and unsubsidized Stafford Loans, for example, may have certain restrictions that private loans do not. Government loans often have limits on how much money can be borrowed, depending on your educational grade level. Students may decide on a private loan to pay for expenses like housing, textbooks, tuition or other expenses. It is possible to combine private and federal loans when paying for college. For example if you don't obtain all the funds you need from a federal loan a private loan can take care of the remainder.
Sometimes there are fees associated with obtaining private and federal loans, however in the case of a private college loan the lender may waive the fee. When applying for one of these loans, the lender will consider a variety of factors, including the cost of attending school. The amount of available grants, scholarships and federal loans will be subtracted, with the difference being the average amount of money loaned as private student loans are usually need-based. Credit history is also an important part of the private lending process.
Applicants trying to obtain private college loans will need to have favorable credit. If the student has bad credit or no credit, collateral and/or a co-signer will be necessary. A co-signer could be a parent or relative who has good credit. In the event of non-payment by the student, the co-signer would be responsible for the payments. When considering a private or federal loan, weigh all the pros and cons and consult with a student financial advisor before signing on the dotted line. As previously mentioned, a combination of federal and private loans (in addition to available grants and scholarships) may be required to handle the rising costs of a college education.
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