Private Student Loans
A private loan is a non-governmental loan issued by a bank to help an individual pay for school. Typically, the loan amount is the "gap" between the cost of attendance, which includes housing, tuition, food, travel, books, etc., and the expenses covered by scholarships and other types of financial aid offered by your school.
Only use private student loans to supplement federal or government student loans. Exhaust all federal financial aid options before looking for private loans.
Private student loans are issued in the student's name by banks, lending companies or other private entities, often with a co-signer.
The Parent Loan for Undergraduate Students (PLUS) is a federally-backed loan offered to parents of undergraduate students in order to pay for educational costs. PLUS loans have fixed low-interest rates that do not fluctuate as the economy changes.
GradPLUS Loans are federally-backed student loans exclusively for graduate students. These loans also have fixed interest rates that are standard for all borrowers (not dependent on credit strength).