Consider these features when researching private student loans.
Private student loan interest rates are fixed or variable and may be based on your credit history and other factors. Variable interest rates can change over time, so it is important to find a loan with a low interest rate, as well as an interest rate cap to control the cost over the life of the loan.
Some private student loans require you to make monthly payments while in school and some allow you to defer payments until after graduation. Longer repayment periods require lower monthly payments, but you end up paying more in total over time. Be sure to choose a loan that provides flexibility so your monthly payments are manageable and the total cost of your loan is reasonable.
Most loans come with money-saving benefits such as interest rate reductions for automatic debit payments. Simple and straightforward reward programs can end up saving you money. Carefully read the terms and conditions to ensure that you will qualify for the advertised benefits and retain them throughout the life of the loan.
Choose a lender with experienced and well-trained customer service representatives that will have answers to your questions no matter where you are in the student loan process. Lenders offer a variety of ways to contact them and different hours of operation during which you can talk to a live person, so look for a lender you can reach conveniently.
Did You Know?
Navigating the financial aid process can seem daunting whether it's your first time in college or you are a returning student. Use these step-by-step instructions to help guide you through the process.
You will receive your Student Aid Report after you submit your FAFSA. Learn about the SAR and how it is used to determine financial aid.
It is a common belief that out-of-state tuition can be more expensive than in-state tuition. Check out which states offer affordable costs to attend state schools.
Learn about the average cost of a college education and how choice might affect the average annual costs.
It's important to understand the ins and outs of student loans before applying. Discover Student Loans provides advice for avoiding common student loan regrets.
It may be tempting to borrow for college, but there are ways to avoid it. Discover Student Loans offers first-person accounts on graduating college without debt - or very little.
Wondering how rising interest rates may affect your student loan rate? Find out how the Federal Reserve movements could affect the interest rate of your student loan.
Did you get a student loan refund? Before rushing out to spend it all, find out the best way to use your student loan refund to avoid costly mistakes.
