college student loansConsider College Student Loans after exhausting your savings, grants, and scholarships. When federal student loans don’t cover the cost of your education, then, it’s time to turn to private lenders. You can apply to private lenders for college student loans at any time – there is no deadline. Depending on the lender you choose, you can be pre-approved in minutes, and have the money sent directly to you, within a matter of days.

In addition to paying tuition and fees, your student loans can be used to cover living expenses, supplies, computers, and other everyday living needs.

Since the government doesn’t back private loans, your credit history is important in being approved for a loan. If your credit history is bad or non-existent, you may be subject to a higher interest rate. Remember, you can always get a co-signer. Pay your loan off on time, and soon you will have a good credit history.

For most college student loans, your principal and interest payments can be deferred while you are enrolled in school. Another option is to only make interest payments while you are in school and defer paying the principal. Your interest payments might even be tax-deductible.

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