Monday, July 21, 2008

Private Student Loans

By Riley Davidson

Federal student loans provide college students will money for tuition, books, and living expenses. Yet, it can take months to process a loan request. If you need money for college, and there isnt enough time to apply for a Federal student loan, consider a private student loan and get the cash you need in as little as five days.

The private student loans will come up as the best comprehensive financial solution to meet the education expenses such as fees, living expenses, supplies, computers, and all other associated expenses.

Alternative student loans have more adjustable payment options. Federal loans have a strict time frame of 6 months for you to repay your loans. In contrast, private student loans let you pay back your loans for up to a year. You may also negotiate with your lender your ideal payment terms; they can adjust these for you.

Some private loans come bundled with stuff that you can use for school, such as computer equipment, school supplies, books, etc. Since private student loans are offered mostly by banks, companies and other non-profit organizations, they are able to tie up with companies who want to promote their products in this manner.

Applying with a co-signer lightens your payment terms. There are lending companies that provide loan packages that are good for two; some packages even come with discounted rates and better payment options for both applicants. So why not pair up with your best friend? Both of you could save a lot of money that you can use for other educational needs.

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