If you want to attend college or go for higher studies, you need to put up with lots of expenses. In case you are not able to pay them yourself, or you haven’t been able to arrange for a federal loan, you can opt for the various private student loans. There are a number of private student loan lenders all across the United States that can provide you with these student loans. These lenders are actually private banks, financial institutions or other organizations that provide loans to support your higher education, against a ‘collateral’.
The private student loan lenders provide different types of loans. They include the undergraduate private education loans and graduate private student loans. These loans are available at highly competitive interest rates. They are an easy way to attain the extra money you need for your college expenses.
The lenders also offer continuing education loans. These loans provide you with flexible loan amounts that range from $1,000 to $40,000. The maximum loan amount that you can get under such a loan is $150,000.
The loan amount provided by the private lenders is meant to take care of the tuition fees and the living expenses. It also includes money for purchasing, books and computer equipment. The loan amount can even be used to pay the past-due tuition bills. The best thing about getting the loans from any of the private lenders is that you have to start the payments only after you complete your studies.
In order to avail any of the above mentioned loans, the private lenders need you to fulfill certain eligibility requirements.
If you apply for a graduate or under graduate loan program, you must be an undergraduate/graduate student, 18 years of age or older. If you are an undergraduate student, you should be enrolled at least half-time in a certain certificate or degree program. Sometimes the lenders only consider the certificate or degree program provided by an institution approved by the lender.
If you are applying for a graduate student loan or a continuing education student loan, you should be enrolled at least half-time in a professional or graduate program. Again the lender may consider whether you are studying in an institution approved by the lender.
Also you need to be a U.S. Citizen to be eligible for the loans. Even if you are a non US citizen, you need to have a valid unexpired Alien Registration Receipt Card or INS form I-151 or I-551.
In case you do not have a credit history, or your credit history is not good enough, you will need a co-signer. You can ask one of your parents or any other person to be your co signer. The only thing is that the co signer has to be credit worthy.
Some of the biggest private student loan lenders that you can contact are Chase Private Student Loans, Act private student loans, National City Direct Student Loans. Check out the various loan programs offered by them and choose the most suitable one for yourself. Louis Zhang, Ezprivatestudentloans dot com