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Private Student College 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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With the cost of education, especially at private universities, shooting through the roof, many students and their families find it necessary to apply for a private student college loan. Estimates for the total cost of one academic year of private college or university schooling can run anywhere from $26,000 at a small private school to over $44,000 at an Ivy League university. And that’s only for one year.

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Many students, frightened by the costs of private schooling, shy away from their first choice private school and turn to a cheaper public university. A cost-benefits analysis of this decision usually factors out into the favor student’s initial inclinations.

The benefits of private universities include:

• Academic excellence
• Close-knit community
• Involved students
• Top-notch professors
• Merit-based scholarships
• Smaller class sizes

A private student college loan makes it possible for students to shop for their college choices based on academic quality rather than on a price tag. The federal government offers various versions of the private student college loan via both the public and private sector. The loans come at a low, fixed interest rate, and the United States government oftentimes subsidizes these loans. To apply for one of these loans, a student must submit the Federal Application for Financial Aid (FAFSA) before June 30 of every academic school year. The government, the student’s schools of choice, and private lending companies analyze the FAFSA form in determining the amount of need-based financial aid to distribute to each student.

Hundreds of universities belong to the National Association of Independent Colleges and Universities, otherwise known as the NAICU. The NAICU claims to be “a diverse collection of liberal arts colleges, major research universities, comprehensive universities, church- and faith-related institutions, historically black colleges and universities, single-sex institutions, two-year colleges, and schools of law, medicine, engineering, art, business, and other professions.” Though the tuition at private universities can be up to three times as much as in-state tuition at a public school, according to the NAICU, 79 percent of graduates from private institutions received their degree in four years, versus 49 percent at public universities. With the help of a private student college loan, students can afford their dream college and all of the perquisites of a private education. In addition, many private institutions affiliate themselves with a religious denomination. The religious emphasis of the institution is reflected in student, teacher, and overall community interactions. Private higher education can also cater to the special needs and wants of students on a more peer-to-peer basis.

Thousands of students miss the opportunity to attend a prestigious private college stemming from personal misinformation. Students must realize the cost of attending any degree-granting institution is still on the rise. However, a little known fact, as reported by the NAICU, is the amount of grants and scholarships offered by private colleges and universities. In fact, the average private school increased aid amounts at a rate of double the increases in tuition in the past ten years. Not only do private institutions award scholarships and aid directly from the university, but students also have the chance to qualify for government financial aid with a private student college loan by applying with the FAFSA.

Do you need a private student college loan?
Apply for a private student college loan today.