Private loans, also known as alternative or private student loans, are providing a growing number of college students with much-needed education funds to cover college-related expenses that may not be covered by award caps, Federal student loans, scholarships and grants. As long as proof of enrollment is provided to your lender, and you qualify, you could use a private loan to pay for almost any of your educational expenses. Some private loan lenders even let you borrow to pay for previous school fees Title Loans Fort Lauderdale.
Got bad credit, no credit? That’s not a huge obstacle – as you will find out, using a qualified co-signer when applying for a private loan can mean a greater chance to get approved for your loan, a lower interest rate and a higher loan award!
Private student loans – Pay for just about all your college-related expenses, not just tuition
It’s important to take advantage of Federal student loans first, because they usually offer the lowest student loan interest rates.
To apply for Federal student loans, just complete a Free Application for Federal Student Aid (FAFSA Form). However, Federal student loans may not be enough to pay for your tuition, not to mention other costs of attending college.
What’s especially valuable about private loans is that you may use them to pay for practically all your college-related expenses, including:
Tuition and fees
Books and supplies
Room and board
Private student loans help you get you the education funding money you need
Unlike Federal student loans, private loans distribution amounts are not solely based on predetermined need – you can apply to borrow as much or as little as you feel you need to cover any of your educational expenses. Just be sure not to over borrow to keep your student loan debt at a manageable level.
Depending on the type of private loan you are seeking, many private loan lenders offer qualified borrowers private student loans as little as $500 or as much as $40,000 or more per year to cover your cost of attendance, less other aid you may receive (such as grants, scholarships or Federal student loans).
Applying for a private student loan could get you the money you need EASIER and FASTER
While approval for Federal student loans requires time and the need for financial aid forms, you could be pre-approved for a private loan within minutes of applying and your funds could be sent to you within just days of final approval! Many times the private loan application process is very simple and can even be done either over the phone or online.
Not a full-time student? You can still apply for a private student loan!
Even if you’re taking just a couple courses, you could still be eligible to receive a private student loan to cover the expenses. Most private loan lenders will give you a loan whether you’re attending college full-time, part-time or half-time.
Unlike Federal student loan awards that are based on an individual’s financial need and EFC (Estimated Family Contribution) amount, private loans allow you to apply for as much money as you think you’ll need to cover your educational expenses. Even International students with an eligible U.S. co-signer are eligible for private loans. Most private loan lenders have just a few criteria for an individual to be eligible to apply for a private loan, such as:
Must be creditworthy applicant or have a creditworthy co-borrower;
Must be a U.S. citizen, U.S. permanent resident, or international student with qualified U.S. citizen or U.S. Permanent Resident co-signer;
Must be within the age of majority by your state (typically 18 years of age);
Other qualifications, such as employment status and history, enrollment verification and attendance at a qualified school, and income verification are often required by most private loan lenders.