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Private student loans are a type of personal loan specifically designed to pay for education expenses. These are offered by banks, credit unions, state agencies, universities and online lenders.
The five private student loan requirements below are the most common among lenders, although all lenders have different standards. School Private lenders typically start with the basics.
Beyond just undergraduate or graduate loans, lenders may offer special rates and terms for business, medical, dental and law school. There are even loans designed to fund bar exam preparation.
A private student loan is a financing option for higher education in the United States that can supplement, but should not replace, federal loans, such as Stafford loans, Perkins loans and PLUS loans. Private loans, which are heavily advertised, do not have the forbearance and deferral options available with federal loans (which are never ...
Direct-to-consumer private loans were the fastest-growing segment of education finance. The "percentage of undergraduates obtaining private loans from 2003–04 to 2007–08 rose from 5 percent to 14 percent" and was under legislative scrutiny due to the lack of school certification. [20] [21]
Consolidation loans combine two or more student and/or parent loans into one loan. They are an option for those who find themselves struggling with multiple student loan payments. Consolidation loans are available for most federal loan types, and some private lenders offer private consolidation loans for private education loans. [10]
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