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What is a Private Student Loan?

Private student loans are offered by lenders as an additional source of funds for higher education. These student loans are not federal government loans and may be more expensive for the borrower than federal student loans. Private student loans are good options after other financial aid sources have been exhausted.

Do I Need a Private Student Loan?

If you have exhausted all other sources of financial aid and still have unmet expenses, a private student loan is a good option. Financial aid staff at your school may have done the research to compile a list of preferred lenders that offer competitive student loan terms and customer service. This lender list may be available online or in the financial aid office. If your school does not provide guidance many lenders offer private student loans. National Education offers several private student loan products, all with highly competitive terms. In all cases carefully choose the lender that best meets your needs. Remember: borrow only what you need!

Apply for one of our private student loan products

How Do I Choose a Private Student Loan?

To determine the best loan for your needs, consider all of these factors in your evaluation.

Please read this section carefully. If, after doing so, you feel you will need private student loan funds, click here to take advantage of National Education's highly competitive student loan products.

Annual Percentage Rate (APR)

The APR is the annual cost of your loan, including interest, fees and charges. The APR will be impacted by several factors, including:

Customer Service

One of the most important considerations should be how your lender will treat you. If you have a problem, will it be there to help? Some lenders are far more helpful than others. Check with your school and other students before selecting a lender. National Education works with its lenders for many reasons, but one of the most important is that they offer borrowers and families the best possible support.


How Does the Application Process Work?


Click here to apply for a private student loan.

How Does Repayment Work?

Repayment can begin immediately or may be postponed until after you graduate or leave school. If you anticipate difficulty making payments while still in school, avoid taking a student loan that requires 'immediate repayment'. Consider student loans that do not convert to repayment until you graduate or leave school. Some lenders offer different repayment plans to suit your financial needs. These student loans offer you some flexibility if your situation changes. Check to see what repayment terms the lender offers in case you continue your education or enter the military. Some lenders will also offer deferment or forbearance options in the event you need to postpone payments due to hardship.

Determine how long you have to repay your student loan (e.g. 120 months, 240 months). Estimate your monthly payment before you borrow so you may budget accordingly. Many lenders also have repayment calculators available on their websites. Remember to add to your principal any interest that may capitalize and account for fluctuating interest rates. By paying additional amounts each month (or when you can), you will save yourself money over the life of your student loan.



Paul must borrow $15,000 to complete his college education. Which of the following would NOT be likely to reduce the finance charges?


if the loan was insured by the federal government

B. if his parents cosigned the loan
C. if he went to a state college rather than a private college
D. if he made loan payments early



  « Budgeting for Your Future   Guide to Financial Aid   Managing Your Repayment »

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