Private Student Loans:
Weighing Your Options



Private student loans are the last resort when looking to finance you college education. If you fall in the middle class bracket, there is a good chance you will be looking into this option. Due to the unfairness of the Pell grant and Government student loans, perspective students are often declined substantial funding.

Before Considering Private Loans

Weigh your options carefully before applying for private loans. These loans should be your very last resort in getting financial aid. I’m sure you’ve already applied for FAFSA, right? Direct Federal loans offer a lower interest rate and have lenient rules for deferment of payments.

Also, have you check out all scholarship possibilities? What about school specific scholarships? State college grants? Employer reimbursement? All of these should be explored thoroughly before even thinking of contacting a private lending company.

Moving Forward

Most traditional college students (age 18-19) have very little, if any credit history. Banks have become increasingly more strict on who they approve in the last few years. Stories of graduates not getting jobs, and then not paying a dime to their loans have banks worried.

You will likely need a cosigner for this process if this sounds like you. Once again however, if you are using your parents as a cosigner, look into the PLUS loan program through FAFSA, lower interest rates = happy parents.

If you’re not using your parents, just a friend with good credit, scout around on the internet to find the best possible rates.

Reputable Private Loaners

These banks and lending companies are legitimate. Searching too deeply on the internet for the best possible rate on private loans for college might get you into some trouble.

  1. Charter

  2. Chase Bank

  3. Citi Student Loans

  4. Charter One

  5. Citizen’s Bank


A full list of reputable private student loan institutions can be found here.





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Find out other ways to Get Financial Aid!















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