Private education loans are specific consumer loans in the student's name offered by private lenders to help pay education expenses for the year.
Federal student loans are made by the government, with terms 和 conditions that are set by law, 并包括许多福利(如 固定利率 和 收入驱动的还款计划) not typically offered with private loans.
与此形成鲜明对比的是, private loans are made by private organizations such banks, 信用合作社, 和 state-based or state-affiliated organizations, 和 have terms 和 conditions that are set by the lender. Private student loans are generally more expensive than federal student loans.
Our Office of Financial 援助 recommends utilizing 联邦直接贷款s, 联邦直接附加贷款, 和WLC付款计划, before borrowing a private education loan.
民办教育贷款特点:
- 通常需要签名人
- 必须经过信用审查
- Variable interest rates may change monthly or quarterly
- Fixed interest rates offered by some lenders
- Line of credit loans offered by some lenders
Tips for Selecting a Private Education Loan
Where can you find a Private Education Loan?
Some banks 和 信用合作社 offer private education loans. You can borrow from a lender of your choice or from a lender listed on the WLC私人贷款选择网站.
WLC私人贷款选项
- 公民
- 大学大道学生贷款
- 发现学生贷款
- Minnesota SELF Loans (must be a Minnesota resident)
- 学生贷款营销协会(Sallie Mae)
- 索菲
- Thrivent Credit Union Private Student Loan
What are the interest rates 和 fees charged private education loans?
Each lender determines the interest rate 和 fee structure for its own loan programs. Most lenders do not charge fees at this time. Many lenders do offer both fixed rate 和 variable rate loans. They will typically base the interest rate on a benchmark such as prime or LIBOR plus a specific percent margin. For variable rate loans, as prime or LIBOR go up or down, so will your interest rate.
When does repayment begin 和 how long does it last?
Many private education loan programs start the payments 6 months after college graduation (or after leaving school). Interest accrues while you are still in school. Typical repayment plans last anywhere from 7-25 years. You will save money by making interest-only payments, 每月支付25美元, or by starting immediate repayment on the principal 和 interest of the loan while you are in school. To save even more money, consider paying the loan off as fast as possible!
Remember to borrow only what is needed when using a private education loan. Compare loan programs to determine the program that is best for you.
Applying for a Private Education Loan
- Determine the amount of loan needed for the entire school year. Consider how much you will pay out of pocket to keep your loan amount lower. Be sure to borrow your maximum Direct Subsidized/Unsubsidized Loans first.
- Determine the lender 和 private education loan that you plan to use.
- 通过贷款人网站申请. Complete the requirements of the lender for that loan program.
You can borrow from a lender of your choice or from a lender listed on the WLC私人贷款选择网站.