How To Get Alternative Loans For College

Q: I have already applied for and received my FAFSA money but still need more. I am wondering how to get alternative loans for college that I will qualify for?

A: Alternative loans for college, or private student loans for college should be considered only after you have exhausted all of your federal financial aid options, including federal student loans and grants. In addition to federal financial aid for college, you should also make certain to apply for as many scholarships as you qualify for, as this is free money for college that will not have to be repaid. Once you have decided that applying for an alternative student loan is right for you, you need to start by comparing different private student loan lenders and their loan products. Make certain to pay close attention to the interest rate and repayment terms offered by each lender.

Qualifying for alternative student loans is different than qualifying for federal student loans, since alternative (or private) student loans are based upon credit. If you have little credit history or poor credit history, you may want to consider applying with a creditworthy cosigner to help your chance of securing the loan at the best possible rate. Since alternative student loans are based upon credit, applicants may qualify at different rates or not qualify at all. If you cannot qualify for an alternative student loan, please see student loans with bad credit or private student loans without cosigner for more help.