Private Education Loan (for undergraduate and graduate students)
This is a resource for credit-worthy students to help with their educational costs. A credit-worthy cosigner is usually required. The maximum amount the borrower is eligible to receive is the cost of education minus all other financial aid. This loan is available through a variety of lenders. The interest rate varies and is based on credit. For many private loans the repayment of principal and interest begins after graduation or when the enrollment status drops below half-time. Other private loan options require some type of payment while enrolled in school. The length of repayment is based on the loan balance. There is no penalty for prepayment.