Private Student Loans
Anyone can apply for private student loans to help with school expenses. However, the private education loans are credit based, and you must be enrolled in a school that is eligible for a private student loan. The requirements for eligibility vary from lender to lender (and state to state), but for the most part, you have to be a U.S. citizen or permanent resident. In addition, you need to be creditworthy or have a cosigner.
How To Apply For Student Loans
No matter the type of loan or lender, such as Citi, Chase, Discover, US Bank and Wells Fargo, student loans require you to supply basic credit information when you register (for example, place of employment income, and credit history). If you're like many younger students, you probably don't have much of a credit history, so it's a good idea to get a cosigner for college loans. A private student loan is also a great way to supplement college grants and school scholarships Just keep in mind that you'll need to attend a school that qualifies for a private school loan.
Qualifying for College Loans
Once you qualify for the loan, you can use it to cover all of your school expenses. You can also use it for rent, gas, groceries, and other living expenses. The best part of student loans is that not only do they cover all of your school expenses, but you can use it to pay for rent, gas, groceries, and other living expenses as well. As far loan amounts are concerned, they vary by lender, but most personal student loans will cover up to 100% of your attendance in school, less any additional financial aid (for example, college scholarships, Stafford loans, and College grants) you've already received.
Private Student Loan Rates
For the most part, private student loans use variable interest rates. Your particular interest rate will adjust monthly, quarterly, or annually as designated by the lender. It is a good idea, before you choose your college loan to do some private student loan comparisons. The top student loan providers nationally are Wells Fargo, Discover, Citi, US Bank and Chase. Be certain to get a number of private student loan rate quotes before you finally decide on your lender.