College is expensive! Students should always look first to scholarships, grants, and savings to pay for college. Then they should investigate federal student loans. Unfortunately, oftentimes these won’t cover everything so their families will need to consider private loans to fill in the gaps. There are many issues to consider with private student loans including the interest rate, repayment terms, lender credibility, and customer service.
Citizens Bank has put together a great primer about private student loans than can help educate parents on what to look for. Questions answered include:
- What is the difference between a federal student loan and a private student loan?
- Who can take out a private student loan?
- Do I need a private student loan?
- What do I need to apply for a private student loan?
- How much can you borrow with a private student loan?
- How does repayment work for private student loans?
- What should be considered when selecting a private student loan?
Use the links above to go to a specific section of their post or follow this link to see the entire primer on private student loans: https://www.citizensbank.com/learning/what-are-private-student-loans.aspx?ctzMode=CFG-SOO_VOC_ISA_CTZ_ECS_LIADVCYLOA