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Private Loans for a Student

College and University costs are high, and there are many items that are not covered by federal loans, grants, or scholarships. Tuition and housing may be covered, but books, travel, meal plans, and various fees can add up quickly. One option is Smart option student loans by Sallie Mae. This loan has three repayment options, no origination fees, and no pre-payment penalties. Competitive fixed and variable interest rates are available for qualified applicants. A lower interest rate may be possible if a creditworthy person agrees to cosign the loan.

That avenue works for many students, but not everyone wants to take a Sallie Mae loan. Private Loans For a Student are possible from a bank or a credit union. A bank will have strict requirements for eligibility, and the interest rates may be higher than those of a credit union. A credit union differs because it is a non-profit cooperative owned by its members. It does not have outside shareholders, so interest rates are often lower, there are minimal fees for accounts and services, and loan terms and qualifications are a bit more lenient. A personal loan from a credit union, for example, can be used for anything, and qualified members can borrow up to $50,000 dollars. Payment terms can be up to seven years in length, so that gives students time to make payments and build up their credit rating at the same time.

Private Loans For a Student can also be in the form of a partially secured loan. The loan is secured by a personal automobile. A 50/50 loan is secured by half with shares on deposit at the credit union. Students who may not qualify for a loan on their own can get a parent or grandparent to cosign for them. Those interested on any of the several loan opportunities can go to website for information, to join the credit union, and to apply for a loan. The site also has a loan calculator that helps people decide how much they can realistically borrow by calculating payments. Simply enter the amount requested, the interest rate, and the length of the loan, and the payment will be calculated instantly. Other loans include home, automobile, and line-of-credit loans. You can also follow them on Twitter.

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