Summing It Up

Shopping for a private student loan is not simple, but here are some suggestions that will help you find the right loan for you:

  • Having a cosigner will save you money
  • Check out the lenders recommended by your school
  • Then shop the web, looking for:
    • Lowest APR
    • Reasonable fees compared to similar loans
    • Payment deferral, if you need it
    • No prepayment penalty
    • Guaranteed borrower benefits
    • 20 years or more to repay
  • Plan to check your actual rate as soon as approved
  • Never cash the check until you have received and reviewed your Truth-in-Lending disclosure