Private student loans, also referred as alternative student loans or personal student loans, is an aid that assists to pay for college, at better interest rates than other lines of credit. This option is used, when all other sources of financial aid, including grants, scholarships, Work-Study, and federal student loans are exhausted. You can borrow up to 100% of your education costs, and pay for tuition, books, supplies, housing and more.
For getting a Private Students Loan, you must be :
- A U.S. citizen or a permanent resident.
- AEnrolled at least half-time in a 4 or 5 year undergraduate degree program.
- A Have a cosigner for the loan application.
- A Both indiviual and cosigner must pass a credit check.
Following are the advantages of Private Students Loan:
- A No upfront, origination, guarantor, or prepayment fees
- A Payments can be defered, while in school and for a six-month grace period after graduation.
- A Exclusive 2% graduation reward depends upon the outstanding principal balance .
- A Rate of interest can be lowered by 0.25% for auto-debit repayment
You can apply for the loan by following these steps:
- A Discuss the loan options with the adult cosigner.
- A Fix the amount to be borrowed.
- A Get the Social Security number, driver’s license, cosigner information, and two additional references.