Private loans could very well make funding your entire college education possible, but choosing the right one for you will determine just how much is possible it is to get all the money you need. Read on to learn some of the things you should look for when searching for your perfect Private student loan.
Unlike Federal student loans that are guaranteed by the government, Private student loans or Alternative student loans are guaranteed by Private institutions such as:
- Banks
- Private Lending Institutions and
- State Institutions that grant Private Education loans
- Schools, colleges and universities
Each Private student loan lender has its own eligibility but if you’re in college as an Undergraduate or Graduate student, simply continuing your education or studying a professional degree such as in the medical or law field, you should find many private loans options are at your disposal.
Look for the best Private loan terms for your good meritDepending on the type of loan you’re seeking, most Private loan lenders will also have their own Private loan repayment terms. Since your eligibility for Private Loans are based on terms of merit such as creditworthiness and reliability to pay back a loan, make sure you work with a Private loan lender who gives you a break, such as the borrower benefits mentioned in Part 3, for your own good merit upon repayment.
How 'easy' is the lender's application process?
When choosing a Private loan lender it’s also important to consider how easily you’ll receive the funds you need. Take into consideration:
- Website - How inviting is the company’s website? Is it informative, easy to navigate and understand? Is it resourceful?
- Application process - What application methods are available to you? Online, Phone, Mail? If the lender offers an online application, is it easy to understand? How long will it take to fill out? What kind of information is required of you? Most importantly, is it secure? If the company has a paper application, do they offer to mail it to you? How prompt will they be? What is required of you once you receive it? Based on your preference, make sure to work with a Private loan lender that gives you the choice of a paper application or online application.
- Customer service – Is courteous customer service available? Is the customer service staff trained to answer your questions? What type of quality assurance does the company have? Make sure to work with a lender that has trained Student Loan Consultants – if they invest the time to maintain the quality of their employees they’ll be more likely to invest quality time in their clients.
- Processing time – Take into consideration how long the company takes to send you the money you need. Finding out who is the company’s guarantor could determine how long it will take to get the funds to you.
- Credibility – How long has the lender been in business? Does the lender have any credentials? It’s important to find out what types of certifications or memberships the lender you choose has. Is it a member of the Better Business Bureau? A Chamber of Commerce? Has it had any complaints? It’s important to check. Working with a lender you can trust to handle your finances and personal information is an important decision, after all.
Now that you’ve made it through Private Student Loans 101 and learned about an alternative way to pay for your college-related expenses, don’t let anything hold you back from pursuing the dreams of success you want. A great education is a wonderful thing and nothing should ever stand in your way of achieving your goals.
As you start or continue your education, remember the availability of private loans, such as those from OneSimpleLoan, offers you an option to fund your education when you don’t know where else to turn for the money you need.
