What You Should Know About Private Student Loans
College students who need help funding their education will often turn to student loans as an important way to meet their financial needs. Federal Stafford loans have helped millions of students pay for college down through the years, a program that continues to meet the funding needs of families all across America today.
Inasmuch as Stafford loans are a lifesaver for many families, some families aren’t eligible for these types of loans. Fortunately, the private sector has stepped in by offering their own lending plans, what we call private student loans. Commercial banks and other private financial institutions are the largest providers of these types of loans, hence the name.