To get a private student loan,you mustapply directly through a non-federal lender鈥攕uch as a bank,credit union or online-only entity鈥攁nd meet their borrowing requirements. Nonprofit organizations,state agencies and colleges also make private student loans.
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How do I apply for private student loans?
This means the private loan application process is much different and is based largely on your credit. For federal loans, you fill out the Free Application for Federal Student Aid (FAFSA), but for private student loans, you must apply directly with the financial institution, sharing your financial information in hopes of qualifying.
Who makes private student loans for college students?
Nonprofit organizations, state agencies and colleges also make private student loans. In nearly all cases, if you鈥檙e an undergraduate with limited credit history, you鈥檒l need to apply with an eligible co-signer who meets the lender鈥檚 income and credit minimums.
What are the requirements to qualify for private student loans?
In general, to qualify for private student loans, you must meet the following requirements: Additionally, you must meet the financial institution’s credit and income requirements. A co-signer, such as a parent or guardian, can help you do this if you don’t meet all requirements on your own.
How to compare private student loan rates?
Compare Personalized Student Loan Rates. 1 1. Check That You Qualify for a Private Student Loan. Private student lenders want to make sure that you will be able to repay the loan as agreed, … 2 2. Apply for a Private Student Loan Directly Through Lenders. 3 3. Compare Private Student Loan Options. 4 4. Remember to Choose Federal Loans First.