Private Student Loans

When Federal Student Loans, such as the Stafford or PLUS loan, does not quite cover the cost of education, a private student loan can help. You can use it to help cover education related expenses such as tutors, computers and software, books, travel and that last minute tuition hike. With competitive interest rates and no application or out of pocket fees, many private student loan companies can help supplement your financial aid package.

Generally, you can borrow up to $40,000 a year. You can have the funds sent straight to your with 5 business days of completing an application and you can defer all payments until after you graduate.

To qualify most applicants would need a co-signer. You can improve your chances of receiving the private student loan for money you need for college and reduce your costs of borrowing with lower rates and fees that may apply. Of Course you can apply without a qualified co-signer, you will just need to meet all of the following credit requirements.

Usually requirements needed to apply for a private student loan are satisfactory employment history for at least the last two years, proof of current positive income, at least 21 months of credit experience and satisfactory credit history. You must be a US citizen or permanent resident and reside in the US for the previous two years.

In addition you must be an undergraduate student enrolled in a degree or certificate program, enrolled at least half-time as defined by your school, attending an approved school and finally able to provide proof of enrollment.

Not so difficult. In most cases, one would need to get a private student loan to further fund there higher education. As long as you have gotten all federal aid, grants, and scholarships, this would be your next step.