private student loans

After filing a FAFSA, the first option generally presented to students is that of a federal student loan. However, there is another option, outside federal funding, that students can look to as a source of student lending - private student loans. Private student loans are a type of loan that is funded by a private organization such as a bank or other lender. Just like the federal loans offered, private student loans are specific to a student's need for college expenses. However, private student loans are often noted to offer higher interest rates than federal loans, as well as more strict credit requirements. For most students, a private loan will require a cosigner to sign onto the loan before an agreement can be made. Still, many students who cannot receive full funding federally may need the additional assistance that private student loans can offer.

Fast Facts

Private student loans in 2007-2008 averaged at $7,809

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Student Loan Consolidation

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Graduate Plus Loan

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How Mortgage Interest Tax Deductions Work

Buying a home is a great way to reduce your income tax. The mortgage interest you pay and your real estate tax...
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