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Private Education Loans

Private education loans or sometimes referred to as alternative loans give students additional options to finance their post-secondary education. As opposed to federal loans, private educational loans are sponsored by banks, lending institutions and are not guaranteed by government agencies.

With record number of students making their way to colleges and universities every year and federal agencies stretched to the maximum, these loans have filled the vacuum and provided alternatives to young people all over the United States.
 
Categories of Loans

A private educational loan comes in different shapes and sizes and can be divided into two separate categories.

School channel loans

Direct to consumer private loan

The advantages and disadvantages of both of these categories ultimately depends on the consumer’s circumstance. School channel loans are guaranteed by the educational institution and are considered the next best thing after federal loans. While direct to consumer private loans are more readily available. Both of these loans are accessible and can help students in furthering their educational prospects.
 

Loan Facilities

Private loans offer a number of facilities not available with federal loans. The amount available with private lending companies is considerably higher and the process is much quicker as compared to federal loans. Option of private education loan consolidation is also available that allow students to combine their loans into one to avoid payment hassles.

Private loans are flexible and give borrowers opportunity to adjust according to their circumstances. Some of the private lenders give borrowers the same facilities and protection as federal loans and also give them the option of renegotiation.

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