What are private education loans?
These loans are available to students, parents or other adults who sponsor the student borrower. The sponsor should be available to act as a co-applicant if the student borrower does not meet the requirements for creditworthiness. Private education loans are based on credit and are unsecured. How do I get started with the FAFSA? The FAFSA, or Free Application for Federal Student Aid, is the first step for students who are applying for federal financial aid. For any federal aid, including federal student loans such as Stafford or Federal Parent PLUS Loans, as well as grants and work-study, students must complete and submit a FAFSA. With the FAFSA your eligibility for student aid will be determined as set by U.S. Department of Education Guidelines. In addition, your family’s financial situation is evaluated. It is best to submit your FAFSA directly after Jan. 1, although official deadlines for submission vary according to your state. The FAFSA can be completed online or you can send it t
There are a number of lenders who offer a private education loan to help students meet the remainder of the cost of attendance, not met with Federal Stafford Loan. In order to qualify, however, you must be able to pass a credit and/or debt-to-income check. These loans do not go into repayment until six to nine months after you cease to be enrolled. Interest does accrue on private education loans from the date of disbursement until the loan is paid in full. More information about lenders who offer private/alternative loans and the terms of the loans is available under Financing for your career on the Financial Aid website.
