Private Student Loans what you need to know  

What is the difference between Federal Student Loans and Private Loans?

The federal government guarantees all federal student loans, which have the built-in benefits of low interest rates, subsidized interest payments, deferred repayment and longer payment terms. In order to qualify for a federal student loan you must complete the Free Application for Federal Student Aid, or FAFSA. If a credit check is necessary, it will be more lenient than it would be for other loans. On the other hand, Private Student Loans are not offered through the government, but instead are available through credit unions, banks and other lenders. Students apply for Private Student Loans so they have the funds that federal student loan programs did not provide. Private Student Loans are different from federal student loans in that they are based on your creditworthiness and repayment ability rather than on financial need.

Private Student Loans

Private Student Loans are available to undergraduate and graduate students who can receive up to the total amount of their college expenses minus any financial aid they receive. Private Student Loans also are available for K-12 students and Continuing Education students. Students can apply and receive their funds any time of the year, as there are no application deadlines.

Why should I apply for a Private Student Loan?

Oftentimes the total cost of your education is not fully covered by federal aid. A Private Student Loan can help by covering the remainder of your costs. Private Loans can be used not only for tuition and fees, but also for supplies, computers and your living expenses.

If federal aid doesn't cover the total cost of your education, you can still get the money you need. Private Student loans are unsecured, credit-based loans available to students for tuition and fees, room and board, supplies, computers and other every day education related expenses.

• Generous borrowing limits-up to the full cost of education, less any aid received
• Deferred principal and interest while student is in school on most loans
• Easy application
• Pre-approved in minutes in most cases
• Money-saving repayment options
• No application fee
• Students have the option to apply using a qualified co-applicant
• No application deadlines-apply any time
• Funds sent directly to the borrower
• Interest payments may be tax deductible

How do I qualify for a Private Student Loan?

Are there benefits and incentives if I qualify for a Private Loan?

Yes. Applying for a Private Loan through NextStudent is fast and easy. You can apply online and receive pre-approval within minutes. There are no application fees or deadlines. You can receive funding for as much as the total cost of your education and you do not have to start making payments until after you graduate, and you personally receive the funds. When you apply you have the option to use an eligible co-signer. Additionally, your interest may be tax-deductible.

Available now! Cash for college.

Get it when you want it.

Apply for a NextStudent Private Student Loan at the beginning of the school year, in the middle of the term or near the end. It’s up to you. There are no application deadlines and you can apply online and get pre-approved in minutes.

Why choose a NextStudent Private Student Loan?

• Fast, easy application with pre-approval in as little as 15 minutes
• Loan amounts up to the full cost of your education expenses
• No payments until after graduation
• No application fees
• No application deadlines
• Funds sent directly to you, not to your school
• You may qualify with or without a cosigner
• Interest may be tax-deductible (check with your tax advisor)

What are you waiting for? Apply online now.