STUDENT TIP : Understand that a private student loan is not the
same as Federal Loans. Government backed Federal college loans are
often better than private funding because
interest rates are usually
lower. Regardless of the type of loan you borrow, it is important to
exhaust all student financial aid options in the form of grants and
scholarships before deciding on taking out a student loan. Borrow
responsibly by applying informed, knowing about all fees and costs
associated with the student loan you've chosen.
The most common type of student loan is the
Stafford Loan and it
carries
a low interest rate.
Alternative student loans are credit based and must be repaid -
often starting six months after college graduation.
Students have a
greater chance of approval for a private student loan if they apply
with a co-signer. Private student loans can be applied to most all
college related expenses, including books, tuition, room and board,
rent and travel. Again, to increase you chances of approval for a
private college loan apply with a cosigner with good credit, such as
a parent or relative.
Alternative Student Loans for College Financial Aid
Private Student Loans
Welcome to the guide of private
student loans of college lenders offering alternative
financing for college as private loans. A new co-branded
alternative is now available at iStudentLoan.com:
FOR more Private Student Loan
options, we list companies who are currently providing
private loans for college. Consider: Wells Fargo 1-800-658-3567
Discover student loans are available by phone at
877-728-3030 or at their website discover.com
Private student
loans are credit based as are Student Credit Cards.
TIP: It is often easier to qualify for a student
credit card, and students receive them faster. BUT the interest rates are usually much
higher on credit cards than they are on private personal
loans for students.
New: for those who are
willing to consider a prepaid debit card before a credit
card, it a wise move to practice with one of many
prepaid debit
cards before trying to establish
credit.
Student loan types
Going on to further your education can be daunting. You
need to evaluate all of the options you have available
and carefully review the interest rates and terms of
every type of loan. Below are several options available
to you as you search for how to deal with financing your
higher education.
Direct Loans
There are different varieties of direct loans. Each is
highlighted below.
Stafford Loan
There are two kinds of Stafford loans available to
students. Students with need qualify for the subsidized
loans, and their institute of learning determines
eligibility and the amount. The government pays the
interest on Stafford loans that are subsidized.
Students that do not show need are eligible for
unsubsidized loans. Loans are paid as the student goes,
as in the student is responsible for paying the
interest. If interest is not paid while the student is
attending, this interest is accrued and adds to the
total amount of the loan.
Plus Loan
The Direct Plus loan is to help students cover expenses
as they are attending school and to cover unforeseen
circumstances. The interest rate for these loans is
fixed at 7.9 percent and is dependent upon the
borrower’s credit.
Perkins Loan
The Federal Perkins loan is loaned by the school a
student attends, and comes from the government. The loan
is a 5 percent loan and is for students with financial
need that exceeds that of typical students. The funds
come directly from the institute the student attends and
is paid out a minimum of twice her academic year,
typically by check.
There are no charges for the Federal Perkins loan
outside of late charges or late penalties for skipping
payment. An amount equaling up to $5,500 is possible for
every undergraduate year of study. $8000 is available
for graduate students and your financial need, time or
application determines the amount that is received.
Payment is required to begin nine months after
graduation, or the student leaves school.
Private Loans
Private student loans are separate from government loans
and grants, and are offered by private institutions such
as banks and credit unions. Rates vary from company to
company and the rates vary depending upon factors such
as need, and credit score
Alternative student loans | Basic Information and tutorial.
Our free guide makes the process of finding a private school loan quick, fast, secure and responsible. Private student loans fill a gap
between a student's total college expenses and their awarded financial aid,
aka your Financial Aid Award Letter, from filing out the FAFSA
at Fafsa.Ed.Gov;
FAFSA stands for "Free Application for Federal Student Aid." Many students
and parents take out an alternative student loan to pay for most all
college expenses. Tuition loans don't cover every day
college expenses like: off campus housing, a new computer, school
supplies, student car loans, transportation, student travel
loans and other
personal school related expenses; while Personal private
loans cover these college expenses.
PRIVATE STUDENT LOAN CONSOLIDATION
Student Loan Consolidation is a
refinancing service allowing you
to consolidate federal and private college loans in to a new potential fixed low interest rate. Details for this are located on
our consolidation page.
Fixed Interest rate Loan and Loan Repayment Info
Repayment is deferred until graduation with Astrive Student Loans for
example, and also the private Chase Student Loans, as long as you maintain half
time enrollment status in college. Private student loan lenders do vary so please obtain
loan interest rates and terms and conditions directly with your desired
student loan lenders. Students often have the option to repay while
still in school, depending on the school loan company. Borrowers are required to
start repayment after graduation, usually 6 months after. Loan deferments are available
after graduation only for Federal student loan
programs. The number of federal college loan deferments is limited to four.
How do I apply for College Funding?
Apply online for a private college loan by clicking on your desired lender then filling out one of their secured loan applications. Applying online
or by phone for a student loan is a
quick way to receive money for college.
School loans companies are being considered for addition to our college student loan guide
of private lenders. Banks and Student Finance Lenders please contact us below to
appear on this site.
Student loans for living expenses
A Student Loan for living expenses cover the expenses a student will incur
in college. No credit student loans are known as Stafford. We list direct quick
fast student loans from only trusted, private lenders and established college loan companies
as well as credit unions and local bank contacts by state.
All private college loans, collegiate loans,
lenders and banks are approved before publishing this
free guide to alternative
student loans for parents and students. If you happen to receive poor customer
service from a lender please inform us on on contact us page below. For Federal student loan rate info
please visit Department of Education's Student Financial Aid site
located at studentaid.ed.gov
Alternative and private college student loan
financing is based largely on an individual's and/or cosigner's
FICO score and income. Generally speaking, the higher the FICO
score of an individual the lower the interest rate on the
student loan that is borrowed. Banks and lenders do differ so it recommended students
and parents evaluate and compare each lending company carefully
before submitting a private student loan application.
