Private Student Loan

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Making Ends Meet for College – An Insight to Private Student Loans

You've just received your financial aid award letter in the mail, and you are $5,000 short on your estimated expenses for your first year at college. What do you do? Well, one alternative to not going is to take out a private student loan. A private student loan will help you to bring the governments help a little closer to reality when determining the true price of your education. The small boost that a private student loan can provide is a great one; it can mean the difference between going to college and not going to school.

How much do private student loans cost?

Though they differ between lenders, private student loans are most favorable when they offer a fixed interest rate and deferred payments until you have completed school. Keep in mind that you can only defer repayment on your private student loan as long as you maintain half time student status at an acceptable institution. You also may be able to defer payment after you are done with school due to financial hardship, but you must be able to prove that you cannot afford to repay the loan at that time.

What if I'm not sure I need a private student loan?

Even if you aren't sure you will need the money for school, you may consider taking out a private student loan “just in case.” It's always better to be on the side of caution, especially if it means you eating or not while in school! Taking out a loan and tucking it away for a rainy day could save you a lot of heartache down the road. And if you don't end up using it, you haven't lost anything, you just repay the money at the end of the year or when you are done with school.