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Private Student Loans: Understanding the Different Types

  • Apr 23 2019

Going to college or graduate school requires intense preparation, and for many of us, it begins while we are still in our formative years, even from elementary school on as we may decide that we want to be a doctor or lawyer or take on a profession that requires years of dedication to achieve. But whether you have been working toward your career your whole life or just decided to head off to college and figure it all out, there can be an overwhelming amount of details to handle. Without funding though, any other efforts are a waste of time.

Tuition can be hefty, and in most cases if you had to pay cash immediately to go to college, the expense would seem extremely unreasonable, and unrealistic. There are many resources available to rising freshman, adults going back to school after years out of the educational system, seniors about to go to graduate school, and more. Scholarships and grants should be sought after first, with applications for federal loans next. Even all that funding combined, however, can be limiting. This is where private student loans usually enter the picture, although a wide range of students choose them exclusively to begin with (and let’s face it, it is true that not everyone can get a scholarship or grant, for a variety of reasons).

Here is some helpful information to help you understand the different types of student loans:

  • Undergraduate loans – as the most common types of college student loans, they are often more plentiful, offer better rates, and loan servicers may not only come to you looking for your ‘business,’ but will understand your needs and cater to them with competitive interest rates and payment plans.
  • Graduate school – these types of private loans may be harder to get and are usually much pricier. As a result, they will also leave you much further in debt later, but with the hopes that a master’s degree or PhD will you give you the competitive edge in your career and earning potential.
  • Technical training – much of the conventional types of loans, including private student loans, are available for trade schools, and two-year community schools.
  • Other – this often includes loans that parents may take out for their older kids who cannot get a private (or federal) loan otherwise. While this is a generous gesture that often works out very well as graduates go on to thrive, many parents today are left paying large loans that could put them in a bind if other financial stressors are burdening them also.

Have you experienced problems with your loan service provider or student loan program, or are you in danger of defaulting on your student loan? Contact Fitzgerald & Campbell, APLCnow so one of our experienced student loan debt attorneys can review your case and discuss all the available options with you. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy and other debt management processes. We are here to help! Call us today for a free consultation at (855) 709-5788 or email us at info@debtorprotectors.com.  

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Posted in: Student Loan Debt