Private student loans are one of the many financing alternatives available for students who are looking for funding for college - and let's face it, who has the funds to pay for college without some surface assistance these days?
Student grants, scholarships, fellowships, and federal loans are also viable alternatives, but frequently, they will not cover the full cost of school or a student will not qualify for the full whole of the loan.
secret trainee Loans - How Can You Qualify?
So, many students and their parents end up turning to private student loans to cover their remaining college tuition costs.
Let's talk about what it takes to qualify for such a loan.
Students hoping to apply for these loans must:
Be a U.S. Citizen, or a qualifying non United States citizen (generally a permanent resident)
Be a high school graduate or possess a G.E.D. (General study Development) certificate.
Attending an eligible, accredited school
Be creditworthy, or have a co-signer- normally a parent - that is creditworthy.
Be willing to think variable rate loans, which are much more common with private loans than with those that are federally backed.
With federal loans, there is more forgiveness when it comes to creditworthiness, but private student lending institutions tend to be much stricter about who will qualify for their loans, and this is especially true ever since the current financial urgency hit, bringing with it wave after wave of loan defaults.
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