Federal Student Loan is the most common college student loan. There are mainly two kinds of federal student loans i.e. subsidized and unsubsidized. Subsidized college student loan: Government pays the interest whilst the student is attending the college.
Unsubsidized college student loan: there is no interest free period and you will have to pay the interest with principal amount, after completion of education.
Not all students qualify for a federal student loan. In case when students are unable to grab a federalstudent loan, there is another kind of student loan known as private student loan. Many lenders offer private student loans and the rate of interest vary greatly.
Private student loan also known as personal student loan or alternative student loan will help you paying the college fees, hostel rent, stationary and other expenses, at much competitive interest rates than credit cards. Nevertheless, private student loan should be only used when there is no option left. You should be very cautious while borrowing money from the lender, as you will have to pay it back with interest.
Qualifying for private student loan depends upon the credit criteria established by the lender. Credit criteria mainly differs with private student loan, whether the borrower is a parent or a student.
Here are some factors, which decide eligibility for a private student loan.
1) Your credit report2) Your parents credit report3) Delinquency problems4) Excessive debt loads5) A cosigner will be an advantage in getting a private student loan because when primary borrower fails to repay, that responsibility falls to the cosigner.
Before applying for a private student loan you should study the offers at your local financial institutions. Then compare this search with the offers made by the online student loan companies. Only then you will be able to know the best one tailored for you.
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