School Loansplace for student loans

Understanding Private Student Loans

Receiving a college education may be the single most important accomplishment that one may achieve in their entire life time.

Do you need to apply for a student loan to pursue your college degree?
Simple Online Application
Apply Now and Compare Loans

Private student loans (sometimes called “alternative loans”) are used expressly for paying for college costs such as tuition, room & board, and other expenses.

  • Private student loans should supplement federal or government student loans. Remember to always maximize your federal financial aid before seeking private loans.
  • Private student loans are taken out from banks, lending companies or other private entities, in the student’s name, usually with a co-signer.

What to Look for in a Private Loan

Use the comparison tools here to consider all of the costs of a private student loan, including fees and rates.

Examine all of the attributes of each loan, such as:

  1. the annual percentage rate (APR)
  2. the total cost of the loan
  3. the monthly payment
  4. the loan’s borrower rewards
  5. student loan deferment options