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How Do Private Student Loans Work?
Just like federal student loans, private student loans can help bridge the gap between grants, scholarships, and the price of college tuition. However, when you apply for student loans, whether or not you get the interest rate, loan term, and loan amount you need is completely dependent on your credit check. Before you are approved for a private student loan, you are subjected to a credit check. The credit check will reveal your credit score, existing debt, and repayment history. With good credit, you'll likely get a favorable interest rate and loan term.
What is private student loan interest rates & fees?
True student loan costs can be broken down in several ways.
Fees
The first and most-obvious thing to consider are fees, which are one-time charges that are usually attached to a specific service. For example, some lenders charge an application fee or an origination fee, which is typically a percentage of the loan value. Note: None of their recommended lenders charge application or origination fees.
Penalties
Next, you’ll want to look at penalties. Some lenders may charge a penalty for early prepayment. There may also be penalties for late or missed payments. Note: None of their preferred lenders charge early pre-payment fees, which is one major reason they’re happy to recommend them.
Interest rates
Finally, you’ll want to look at the largest cost of all: Interest rates. Interest is how you pay the bank for giving you the loan. Interest is charged monthly, based on the annual percentage rate of your loan, or apr. The higher the apr, the most you’re going to pay every month, and ultimately, over the life of the loan. A fixed interest rate means that you’ll pay the same amount of interest for the life of the loan. A variable interest rate may fluctuate based on market conditions, meaning that your payments may increase or decrease over time.
How Should I Compare Lenders for Private Student Loans?
Hopefully some of the charts in this article have given you some insight into how different lenders compare. But there’s more to a loan than just crunching numbers. As they mentioned before, working with a reputable lender is key to ensuring that you’re getting a loan that you’ll be able to pay back.