Private Alternative Loans
Private educational loans are more commonly used when it comes to covering expenses associated with higher education. As a potential borrow the primary objective is getting the best loan, rates and repayment terms possible. Be sure to do your research, explore and compare your options and that make a huge impact in repayment. Credit Unions such as your University’s or your family’s Credit Union are great options. Yes, Credit Unions will require you to be a member, they will also expect you to have a decent credit history.
Several private loan programs are available for students who need and are eligible to borrow the full cost of education when it exceeds the maximum $20,500 available through the subsidized and unsubsidized Federal Stafford Loan Programs and who prefer not to borrow GradPLUS loans, or who are otherwise ineligible to borrow federal funds. Interest begins to accrue on these loans at the time they are disbursed. Applications for these private loans are available online and from the Student Financial Office.