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.
People also ask
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 private student loans?
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.
How do private student loans work?
Private student loans are offered by banks or financial institutions and interest rates can vary from lender to lender. Depending on the loan repayment plan you choose, you may have to start making payments while you鈥檙e in school. As an undergraduate student, you鈥檙e unlikely to qualify for a private loan on your own.
Are private student loans the best choice for You?
Private student loans are best used to fill a college payment gap after maxing out federal loans. Federal loans are preferable to private loans for several reasons: You don鈥檛 need a credit history or a co-signer.