Private Education Loans
Private Education Loan
A private education loan is a loan provided by a private educational lender that is not a title IV loan and that is issued expressly for postsecondary education expenses. The government does not subsidize it and it does not have the same guidelines as a federal loan in regards to interest rates and repayment options.
If you are considering a private education loan, make sure you:
- Exhaust all other possible sources of financial aid, including federal loans.
- Look for ways to reduce your expenses before you decide how much to borrow.
- Borrow only what you absolutely need.
- Ask questions and compare the rates and terms offered by different lenders. (See the Project on Student Debt's list of questions to ask about private loans and student loan shopping tips.)
Helpful Links to Find a Private Education Loan
