Bob Hett
Getting an education after high school is becoming more and more expensive. But it is also becoming more and more of a necessity to get a good job that pays well and has adequate benefits. For this, most young people need to attend college or some other type of additional training. Most of them can’t afford to pay for their education by themselves and end up looking for financial help of some kind.
Student loans are a popular choice, but federal student loans are based on financial need, and some students do not fit into those guidelines. An alternative choice for these students or their parents is a private student loan. These are loans done through private lenders instead of the government. The advantage of these types of direct student loans is that they have many of the same kinds of benefits as federal loans.
These loans can be used for any and all college expenses. Things like tuition, books, supplies, computers, and living expenses are all things that qualify for private student loan funds. These loans are unsecured, meaning that no collateral is needed. The loans are credit-based instead. This can mean that the student might need a co-signer if they have not established a credit history, or their parents can apply for the loan instead.
I at length reached the last house but one, where the path to the summit diverged to the right, while the summit itself rose directly in front. But I determined to follow up the valley to its head, and then find my own route up the steep as the shorter and more adventurous way. I had thoughts of returning to this house, which was well kept and so nobly placed, the next day, and perhaps remaining a week there, if I could have entertainment. Its mistress was a frank and hospitable young woman, who stood before me in a dishabille, busily and unconcernedly combing her long black hair while she talked, giving her head the necessary toss with each sweep of the comb, with lively, sparkling eyes, and full of interest in that lower world from which I had come, talking all the while as familiarly as if she had known me for years, and reminding me of a cousin of mine. She at first had taken me for a student from Williamstown, for they went by in parties, she said, either riding or walking, almost every pleasant day, and were a pretty wild set of fellows; but they never went by the way I was going.
—Henry David Thoreau (1817–1862)
A private education loan is usually a low-interest loan. Borrowers can shop around to find the best rate. There are generally no application fees to apply for this type of loan and there are also no deadlines for applying. The money can be delivered in as little as five days, and the money is given to the student instead of the school. The student is then responsible for paying for their various educational expenses.
This kind of loan has other advantages similar to federal loans. The interest and principal payments can be deferred until the student graduates from school. For most of these loans, a student is required to be attending school at least half time for the deferral of payments and interest.
When the student does graduate from college, the loans can usually be deferred for six months until the student finds employment, and then the loan holder will generally have a variety of repayment options available so that the student can tailor their payments to their income.
A private student loan is the ideal answer for students who do not meet federal requirements for financial need or whose educational expenses are not fully covered by their federal financial aid. Many lenders offer private student loans to students or their parents and the application process is simple and free. The loan requirements are usually less stringent and the repayment options are affordable for young professionals. A private student loan is a great way to finance the education of any student that needs financial help.
No method nor discipline can supersede the necessity of being forever on the alert. What is a course of history or philosophy, or poetry, no matter how well selected, or the best society, or the most admirable routine of life, compared with the discipline of looking always at what is to be seen? Will you be a reader, a student merely, or a seer? Read your fate, see what is before you, and walk on into futurity.
—Henry David Thoreau (1817–1862)
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Bob Hett offers great tips and advice regarding all aspects of Student Loans.
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