| #ffffff;" /> | | | | the Tuition Answer Loan include no required collateral, |
| Private student loans are designed to provide additional | | | | tax-deductible interest, and choice of repayment |
| money when a student has exhausted other types of | | | | options. |
| federal loan programs. It’s no secret that | | | | The Community College Loan’s high approval |
| government-backed educational funding is getting | | | | rating and flexible repayment duration make it an |
| harder to come by. For that reason, the U.S. is | | | | attractive loan for those students attending a two year |
| experiencing very rapid growth in private student loan | | | | institution in search of an Associate’s degree. |
| lending – a much higher rate of growth than | | | | Applicants must be in good academic standing, and |
| federal student loans. It is very likely that within a | | | | good credit will help to keep loan interest payments |
| decade private student loan volume will exceed | | | | reasonable. |
| federal student loan volume. | | | | Continuing Education Loans provide funds for |
| Private loans usually are provided by the institution of | | | | postsecondary students not pursuing a degree |
| education or a private lender of the student’s | | | | program or for part-time students who are gradually |
| choice. Accordingly, the interest rate and other criteria | | | | pursuing a degree. Borrowers with good credit or |
| of the loans will vary based on the individual student | | | | students with a cosigner will benefit from competitive |
| and lender. Generally, a student with poor or little credit | | | | interest rates and repayment schedules as long as 15 |
| history will be able to get a better rate with a | | | | years. |
| co-signer, just like any other type of loan. For | | | | The Career Training Loan is an attractive loan |
| borrowers with excellent credit (or co-signers with | | | | program for borrowers who need funds for technical |
| excellent credit) it is possible to get an interest rate | | | | training schools, trade schools, continuing education |
| that is competitive. There are five types of private | | | | programs, or distance learning courses. This loan is |
| loans, and each is based on the financial history and | | | | especially beneficial to those with good credit or a |
| needs of the student borrower. | | | | qualified cosigner. |
| The Signature Student Loan is used after federal loans | | | | There are now many private student loan lenders, |
| such as the Stafford loan have failed to cover all | | | | each of which offers loans to fill particular needs. For |
| costs of the student’s education. Signature loan | | | | instance, some loans can be used specifically for the |
| approval depends on the student’s credit rating | | | | purchase of a computer, and other loans can be used |
| and academic standing. The advantages to this type | | | | specifically for study abroad. Care should be taken to |
| of loan are its high approval ratings and the ability to | | | | look for loans that fit the particular needs of the |
| borrow as much as is needed to pay for schooling. | | | | student. Some loans can even be used to pay for |
| The Tuition Answer Loan provides readily available | | | | previous school charges. |
| money in the amount of $1,500 to $40,000 per year, | | | | Private student loans can be consolidated, although the |
| depending on the borrower’s credit standing | | | | process really just replaces one student loan with |
| and a creditworthy cosigner. Further advantages of | | | | another. |