If these thoughts have occurred to you, you might be a candidate for an private loan. Private loans are loans designed to meet the "gap" between the financial aid package from the school, and the actual cost of
attending that school.
The following will give you some idea of whether or not an private loan might be for you.
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Most loans will require your school to certify that you are attending. |
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Generally, you can borrow up to the school's cost of education less any other financial aid. |
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Many of the private loans have some deferment or grace periods that resemble Federal Stafford loans so that you will not begin repayment until after graduation. |
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These loans are usually credit based and may require a co-signer that has acceptable credit. |
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Private loans cannot be consolidated with Federal loans but may be combined on a single statement during repayment. |
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This is additional debt that must be paid back. |
