Consolidating private government student loans
The best private student loans offer low rates, rate discounts and a variety of incentives.
We found Citizens Bank to be the best in our private student loan review. Private student loans can be confusing, but for many people they can help make college affordable.
Student loans are considered higher risk than car loans, house loans and other loans you can get from a local bank.
You will have to go to a lender that specializes in student loans or to a bank big enough to offer them.
Your financial situation might make it necessary to borrow money to pay for college.
This is a common situation, but it’s important that you research all of your scholarship, grant and loan options before getting a private student loan.
To find out which federal loans you qualify for, fill out the Free Application for Federal Student Aid (FAFSA) online.We used companies’ loan calculators, called their customer service agents (listening to the same 30 seconds of Vivaldi while on hold gets old fast) and read as much of the fine print as we could (there was a lot).Here’s what we found: Loan Limits Every student loan, whether federal or private, has a borrowing limit.Some of the lenders we reviewed do offer that – but you’re taking a risk because most forbearance programs are arbitrary, meaning the loan companies can decide whether or not to grant you the forbearance period.You might need private student loans to fill the gap between federal loan funds and the actual costs of college attendance.
Most federal student loans also don’t require credit checks to qualify.