Find the Right Student Loan
If you are attending college today, and you’re parents don’t have enough money to pay for your tuition in cash, chances are you are going to need a student loan. In fact, 86.3% of all graduating 4-year undergraduate students who applied for federal student aid borrowed to pay for their education.1
Taking out college student loans doesn’t have to be a bad thing. Loans for college are often necessary to pay for your college tuition bill and expenses. Most colleges won’t allow you to enroll in classes or continue to live in the dorm until your bill is paid. In addition, we’ve provided our college loan calculator to help you manage the amount you borrow and your total student loan debt. Your college student loans, when properly managed, can help you build a positive credit history.
I Need a Student Loan
There are different types of college student loans available, so you need to make sure that you take out the right kind. There are several types of federal student loans available, depending on your status (dependent/independent), school level (undergrad/graduate) and year in school. College students should research federal loan funds, like the Federal Stafford Loan, before applying for private student loans.
Federal loans generally have lower overall interest rates, so they are likely your best option. However, federal student loans have low borrowing limits and may not cover all of your college costs. If you are still in need of money after borrowing the maximum amount in federal student loans, you can apply for private college loans. Private loans are credit-based student loans that can cover college expenses such as tuition, college room and board, books, food, a computer, travel and more.
Apply for a private student loan with College Loan Corporation.
How Do I Qualify for a Private Student Loan?
You don’t need to fill out the FAFSA in order to qualify for private student loan funds, but most students will need to find a credit-worthy co-signer in order to get approved. A private student loan co-signer can be a parent, relative or family friend who is willing to share the responsibility of the loan with you. Your private student loan co-signer needs to have a good credit history and verifiable income.
Most lenders will also want you to be enrolled half-time or more at an accredited college. That’s because the more likely you are to graduate and find a good job, the more likely you are to pay back your college student loans. During the loan application process, most lenders will ask your school to certify your enrollment and your requested loan amount, to ensure you don’t borrow more than you need.
More on College Student Loans
Learn more about all of the different types of student loans available, including interest rates and how to apply:
101 Ways to Pay for College
Looking for creative ways to pay your college bills? We’ve put together 101 of them! If you are a college student or parent, 101 Ways to Pay for College will help you to reduce expenses, manage your college budget and earn extra cash.