Private Student Loan
Private
student loans are also known as alternative student loans or personal
student loans. It can help you pay for college, generally at better
interest rates in comparison to other lines of credit. You should only
use private student loans as supplemental financial support after you
have exhausted all other sources of financial aid.
Private
student loan volume is rising much more rapidly than federal student
loan volume (ex. 25% per anum versus 8% per anum). If existing trends
continue, annual private education loan volume will exceed federal
student loan volume within a decade. Accordingly, it is important that
candidates have tools they can use to compare different private student
loans.