Personal Student Loans

A personal student loan is often used when grants, scholarships and federal student loans are not enough to cover the student’s cost of attendance. Like all financial aid, a personal student loan borrower must seek a degree and use the funds on college-related expenses.

To be eligible for personal student loans, the borrower must also be enrolled at least part time at an accredited postsecondary school. Students also need to meet specified credit criteria or be backed by a co-signer with a positive credit history.

A personal student loan boasts numerous benefits. The programs boast high approval rates and allow borrowers to bring on co-signers to obtain lower interest rates. Interest rates for alternative student loans vary based on the prime rate. However, the better a borrower’s credit, the better the rate. Students can also make interest payments while in school which in return helps to lower their monthly payment later on.

Chase Private Student Loans - You could get a private student loan from $1000 to $40,000 per school year for such items as Tuition, Room and Board, a Computer, Books and other school expenses not covered by Federal loans, grants or other Federal aid.

Unlike federally backed student loans, private funding does not require the lengthy process of the Free Application for Federal Student Aid (FAFSA). Instead, borrowers can apply on-line through a less extensive application. In return, a quick credit decision is provided to the student.

Act Private Student Loans - Borrow up to $40,000 per year. No Repayment until after graduation. Funds sent straight to you in as few as 5 business days.

Personal college funding is available students who study in the U.S. and abroad. International students may also qualify for a loan with the help of an eligible co-signer. Loan repayment begins after the student exits school or graduates. At the time of repayment, the student can also select from one of several repayment options based on their personal situation.

Lastly, a personal student loan features higher aggregate loan limits than its federal counterpart. Limits vary but range from $50,000 (community college) to $100,000 (undergraduates). Graduate students and graduate health students can borrow between $150,000 and $220,000 respectively.

Copyright 2008, Private student loans for college education, financial aid. All Private medical student loans and other college lenders, school loans and resources are approved before listing. July 2008.