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More Private Student Loan
Programs:
Discover Student Loans 1-877-728-3030
See Discover.com
Wells Fargo 1-800-658-3567
www.wellsfargo.com
Citi Student Loans 1-800-Student
www.studentloan.com
College Loan Corporation
www.collegeloan.com
For other ways to find funds for college
expenses, undergraduates can apply for a college
student
credit card.
| If you have graduated once or
are you will within 6 months, consider federal loan
consolidation to lower payments,
visit: LoanConsolidation.Ed.Gov |
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Why do students borrow private student loans?
Many
students turn to alternative student loans to fill the
gap between what they have been awarded in their Federal
Financial Aid Award Letter and what they really need.
Alternative loans supplement the student and parent
education loan programs available from federal and state
government approved lenders.
Compare the terms with those of other loan lenders
when
applying.
Alternative loans are awarded on financial
qualifications, such as your credit rating.
Students looking for college funds often ask the following questions:
What are the requirements
for a private loan?
Applicant
must be a student enrolled at least half time in an
eligible institution. Most freshmen must include a
creditworthy co-applicant. Either the student or the
co-applicant must be a citizen of the United States or an eligible
permanent resident.
How much may I borrow?
Up to $40,000 per year if you apply with one of the student lenders
listed on this site. Most private student loans have $40K annual limits.
What is the current interest
rate?
Interest rates vary by company, though they are all
competitively low. Read the loan repayment terms
carefully.
Undergraduate student loan lenders and co-brands do
vary.
Financial food for thought: Avoid borrowing too much.
First, how much money do
you expect to be making when you graduate and get a job?
Remember, you will need to get some kind of job, because
those loan repayment bills will start showing up in the
mail six months after you are out of school. If you are
fairly confident that you will be able to find a job in
your field of study soon after graduating, look at what
entry level income is for this field. After you find
this out, you can then calculate how much your monthly
loan repayment will be. Actually, most student loan
programs do this for you. Then you simply determine if
your expected budget will be able to handle those
monthly loan payments. If it looks close, you probably
shouldnt take out the loan, because there are always
unexpected expenses that are not factored into a budget.
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