Americans have borrowed more than $136 billion from private student lenders. Private student loans are a popular option because they can help fill the monetary gaps that federal student loans and financial aid do not.
If you think borrowing private loans is the right option for you, keep reading. We’ll tell you everything that you need to know about how to apply for private student loans.
Make Sure Private Student Loans Are Right for You
Experts recommend that students exhaust federal financial aid options before borrowing private student loans. After all, private student loans do not come with the potential loan forgiveness, strong borrower protection, and varied repayment plans that federal loans offer.
If you haven’t taken advantage of all your federal options, consider exhausting these resources before resorting to private student loans.
However, if you are in the...