how to get a private student loan

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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 find the best private student loans?

  • Shopping around on our site and comparing lenders is a great way to find the best private student loan for your needs. And you’ll want to keep in mind that the most ideal private student loans are those that: Variable Rates: 1.13% APR – 11.23% APR. Fixed Rates: 3.50% APR – 12.60% APR. Lowest rates shown include the auto debit discount. 1

  • How do I apply for a private student loan online?

  • Apply for a Private Student Loan Directly Through Lenders Private student lenders don鈥檛 require borrowers to fill out the Free Application for Federal Student Aid, or FAFSA, like the federal government does. Instead, you can apply for private student loans directly through each lender on their websites, via mail or over the phone.

  • How do I qualify for a private student loan?

  • To qualify for a private student loan you will need to demonstrate the following: Enrollment in a qualified program. Most lenders require that you be enrolled at least half-time at an eligible school, and your loan will go to your school’s financial aid office for certification. Strong credit history. A creditworthy cosigner is highly recommended.

  • What is a private student loan?

  • Definition: A private student loan (also known as a private education loan or alternative student loan) is a non-federal loan used to pay for college or grad school. Private student loans may be an option once you have already exhausted other forms of free and federal financial aid.

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