Private Student Loans

Private student loans Could Be The Life Preserver That Rescues Your College Education

 

Most student loans financed by the government are limited amounts, and private loans can help fill that gap.
Student loans granted by private lenders are dependent on the student's major or course to be taken by the student. One of the prominent private student loan lenders is Citibank. Citibank offers the following loans to students: undergraduate loans, law/bar loan study, graduate loans, health and professions loans, and residency loans.
One important thing you need to remember about private student loans is that they cost more than government-funded student loans. Currently the number of students choosing to get private student loans is rapidly growing compared to federal loan programs. If this situation continues, in just a decade, private student loans will exceed federal student loans.
Before you start considering a private student loan, make sure that you have already exhausted your federal student loan options.

Private student loans - What You Should Know About Using This Loan For College

Government student loans have long been an important way to help students complete their education with private student loans now gaining in importance too. Private student loans have several advantages to them including:

With government student loans, processing is completed through the college.

A government student loan is more restrictive.  

Higher interest rate: Private student loans charge a higher interest rate than government student loans.Government student loans are fixed rate loans.

That is also true for government student loans.

Students should apply for the maximum amount of government student loans available. While a government student loan is an attractive choice for many, private student loans offer a competitive alternative worthy of further exploration.