Nervous about a Private Student Loan? Don’t Be! | 06.07.10

Posted in Private Student Loans By Evan Jacobs

A lot of students and their families are hesitant, for a variety of reasons, about taking out a private student loan. While federal aid and scholarships/grants are always the best options, it is often necessary to use a private loan to cover the remainder of the cost of attendance. Here are some facts to help ease your concerns about private loans:

  1. You CAN get a private loan with bad credit. You just need to find a parent or trusted family member to cosign the loan for you. A good cosigner is anyone who regularly pays his or her bills on time and is not trapped under a mountain of debt. Plus, a good cosigner can help you get a better interest rate, which can save you money.
  2. You CAN afford a private loan, if you plan accordingly. Among the best ways to plan ahead is to only take out what you need. If you take out more than one loan, you may also choose to consolidate in order to receive a lower monthly payment and better interest rate.
  3. You CAN find a trusted lender. Yes, there are plenty of shady lenders out there who are only out to scam you. Always be sure to do some research before providing personal information to a lender. One great area to start is with our Private Student Loan comparison tool, which features only trusted, legitimate private loan lenders.

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2 Responses to “Nervous about a Private Student Loan? Don’t Be!”

  1. karen says on February 26, 2011 at 1:44 am:

    I am a mother of two children and all of them are in-school. I can’t find the best financial aid but letting them apply for a student loan. Many loan companies, that’s why I have to choose the best one for their future.

    Reply To This Comment
  2. Caden says on June 9, 2010 at 12:41 am:

    Thanks for the tips. I do agree that if we plan first before taking loan then it would be good for our future

    Reply To This Comment

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