What are the best private student loans?
Asked by desireelybWho are the best lenders for private student loans? I already have information for federal loans and scholarships.
Favorite Answer
Answered by ajhbubs84
Be very careful. From my expierience there is no good "private" student loan. The rates can be twice or even three times higher than fedral loans. Most are equal to or many points higher than the prime rate, this usually depends on your credit score. If you are going to use one try to borrow the smallest amount that you can. You will get it paid off faster without getting burned with all the interest. I took out a private loan and I now have a massive monthly payment for the next 20 years. Work hard, get those scholarships and put some more research into government grants and loans.
Be very careful. From my expierience there is no good "private" student loan. The rates can be twice or even three times higher than fedral loans. Most are equal to or many points higher than the prime rate, this usually depends on your credit score. If you are going to use one try to borrow the smallest amount that you can. You will get it paid off faster without getting burned with all the interest. I took out a private loan and I now have a massive monthly payment for the next 20 years. Work hard, get those scholarships and put some more research into government grants and loans.
