In case you missed it, here are recent posts focused on helping students/families make the best decisions on private student loans. Students are encouraged to exhaust all grants, scholarships and federal
loan options prior to considering a private student loan.
- Most popular post: Shopping for Private Student Loans Makes a Difference!
- Results from 6 student loan applications yields interest rates between 7% - 12%
- Before You Apply for a Private Student Loan
- Provides checklist of items to complete prior to considering a private student loan
- Miss A Payment On Your Private Student Loan, You Could See Your Interest Rate Rise
- Highlights three lenders that have clauses in promissory notes which could result in 2-3% increase in interest rates triggered by one late payment
- What About Credit Unions?
- Explores the increasing role that credit unions are providing in the private student loan market
- Borrower Benefits on Private Student Loans
- Provides examples of savings opportunities available to private loan borrowers
- What Ingredients Go Into the "Secret Sauce"?
- Insights into the factors that lenders consider in making their credit decisions
- Does It Make Sense To Shop Around For Private Student Loans?
- Provides details on new Fair-Isaac policy about the impact of applying for multiple student loans on your credit score (hint: it helps student borrowers)
- The Promissory Note
- Highlights the key terms to be aware of when evaluating lender promissory notes
- What is the Meaning of "Instant Credit Response"?
- Reviews the on-line application process and analyzes the speed of lender credit reviews
- Private Loan Fee Structure
- Benchmarks most common fees assessed by private lenders for both origination and servicing of loans
This ten part series provides students and families with the knowledge they need to make the most informed decisions (and hopefully save lots of money) about private loans. Financial Aid offices are certainly encouraged to include this information on the Resources section of their website or accompanying their Alternative Loan lender list. Please pass along to your colleagues if you find it valuable. I will have a 2009 Private Loan Guide available shortly which will be an abridged version of my recent series. Also, please let me know if there are other private loan topics that you would like to see covered in this series.