Private Student Loan Introduction
Private Student Loans - Available, Flexible and Simple
The Total Cost of Education
A Private student loan bridges the gap between scholarships, federal aid, and the total cost of your education.
A Private student loan, or alternative loan funded by banks and non-profit organizations, provides another source of financial aid for students. But what they are really about is: availability, flexibility and options.
Availability
Federal financial aid is limited and it's no secret that appropriations for aid have not kept up with rising tuition costs and inflation. A private student loan from the Student Loan Network allows you to borrow up to the cost of education, filling the gap between the total cost of education and available financial aid.
Flexibility
Deadlines, deadlines, deadlines. It seems at every turn in financial aid, there's another deadline to watch, another date to file paperwork by, another meeting or session to attend to qualify for aid. Private student loans give you the flexibility to apply for a private student loan whenever the need arises during your time as a student. Tuition due before the semester starts? No problem. While federal loans may not disburse until a month into the semester, these private student loans can fund in as few as five business days after receiving your completed application. Past due balance? No problem.
Simplicity
Scholarships and federal financial aid are restricted. Scholarship hunting takes time to generate results, and there are no guarantees that you will find what you need. Federal financial aid and federal student loans are based largely on demonstrated financial need (except for the PLUS loan), and if you fall in the category of "not poor enough for aid, not rich enough to pay out of pocket", federal financial aid may be no help at all. Alternative Student Loans don't require lengthy applications or paperwork like scholarships and the FAFSA do. These private student loans are not need-based, which means that eligibility is not confined to the neediest students.
Private Student Loan - When Federal Aid is Not an Option
There are thousands of educational institutions in the United States, and not all of them are certified under Title IV of the Higher Education Act. This doesn't mean they're not valid educational institutions - not at all. Some schools simply choose not to accept federal funding (and the stringent requirements that come with that decision). Private student loans are available to students attending many schools, including more and more private and non-traditional educational institutions, giving you the freedom to pursue whatever path in life you want to follow. A college education is still the best investment and the best private student loans help make it a reality.
