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Private Student Loans

Questions to Answer Before Taking Out Private Student Loans

Taking out a private loan for school is a big commitment that should be considered carefully. To understand the benefits and responsibilities of a private loan, learn as much as you can by exploring the following:

Before you fill a College Funding Gap with Private Student Loans

You’re excited about going to a great college – but you need to figure out how to pay for it.

Paying for your education is a significant financial commitment. So, before you consider a private loan, make sure you get as much financial aid as you’re eligible for:

All types of financial aid, including private student loans, must not exceed your total cost of attendance (COA) as defined by the college’s financial aid office. If you receive grants, scholarships, work-study, or federal loans that meet your cost of attendance, you will not have remaining need for an alternative loan.

If you take out a private student loan anyway, your college’s financial aid officer may reduce other forms of financial aid to ensure you do not exceed your total cost of attendance. Make sure you know what you need to borrow, your total cost of attendance and your school’s policy before you request a private student loan.

If after exhausting all of these sources of aid, you find you still have a college funding gap, it is likely the next step is borrowing to make up the difference. Use the Private Student Loan Comparison tool to help find the loan that is best for you.