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College Tuition Loan

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

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Students have many options to pay for college via college tuition loan programs. While 50% of students carry federally backed college tuition loan debt as reported by the National Center for Education Statistics, many do not realize that college tuition loan funding can be obtained through many alternative options as well. Private or alternative loans have increased by nearly 734% over the last decade according to The College Board.

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A private college tuition loan can also benefit the borrower by providing competitive and flexible terms and conditions. Because private lenders compete, student or parent borrowers, with strong credit histories and good ratings, benefit from these loans.

Some beneficial aspects of private student loans include:

• Competitive interest rates with federally backed loans
• Longer repayment “grace” periods following graduation
• Significantly higher loan limits
• Swift direct-to-consumer student loans
• Tax deductions for payments made towards interest on loan

Tuition costs that have doubled at nearly 200% the rate of inflation function to push this number higher, particularly since the federal government sets limits as to the amount of students loans available to students on a yearly basis. Many students, and especially those at private colleges, find federal loan sources simply cannot meet their tuition costs. Furthermore, demonstrable financial need determines the amount of college tuition loan aid a student receives from the federal government, whereas private student loan programs offer loans based on the credit history and ratings of a student or co-signer. Many students who would not receive enough money to cover their tuition costs by taking out loans via the federal government will pay for their entire college tuition with a private college tuition loan. Quick application processing and loan disbursement constitutes another benefit students discover when applying for private or alternative student loans. Private applications process in a matter of days, and loan disbursement occurs soon thereafter. These comprise just a few of the reasons students turn to a private college tuition loan when they cannot allocate enough educational funding through federal funding sources.

Students can access these loans by going through their school as a third party mediator, since the university may have private lenders with which they commonly work. Students can also apply for their private college tuition loan by going directly to the lender, which cuts overhead, and generally results in a lower interest rate as a result. Borrowers apply for these loans by using internet forms, calling or writing the lender, or visiting the lending institution. Because the student works directly with the lender in this case, he or she can shop around without feeling pressured to choose the lending organization favored by his or her school. This is called direct-to-consumer student loan lending. With this type of lending, the student can choose a lender based on a competitive offer that is not limited by a federal governing organization. As a result, students can borrow private loans for the full amount of their tuition from one lender, rather than many lenders who will require separate payments following graduation. Furthermore, students can look for terms, rates and conditions that suit their personal needs and requirements.

Though many people are sceptical about borrowing private school loans, these loans now carry competitive interest rates similar to those of federally backed loans. Because federal loans are the primary market for student loans, private lenders compete for consumers on par with government lending organizations. Sometimes, they even offer better deals, longer “grace” periods, or more flexible repayment options. The smart student will look around for the best deals on college tuition loans before making a decision.

Do you need a college tuition loan?
Find a private college tuition loan today.