iStudentLoan Private Student Loans

Private Student Loan and Alternative Student Loan Options:
With the Smart Option Student Loan® Fixed Repayment Option, you make small, fixed monthly payments of just $25 while in school -- you could save more than $6,000 as compared to a traditional 15-year payment deferred private student loan.

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iStudentLoan Partner:
 Sallie Mae Smart Option Student Loan®

 A Private Student Loan is also commonly referred to as alternative college loans financing. It is credit based college financing and often requires a cosigner if you have not established a positive credit history. Other great features of a private college student loan is that it can be the last minute lifeline that helps you meet ALL school expenses.

For 2010 we are continually reviewing lenders and will be changing and adding partners on this site for next semesters spot-lighting a private student loan from a top lender. At iStudentLoan, we now present alternative student loan offers from our partners to students who have excellent credit OR a credit worthy co-signer. 

 Students and parents, Need additionall funds for college?
Consider iStudentLoan Co-brand Partner:
 Sallie Mae
Smart Option Student Loan®

Private student loans for college should be used after a student and parent have exhausted all efforts in obtaining the maximum amount of Federal Aid as possible. A private student loan repayment is often deferred until after graduation, but is has to be repaid with interest. Make sure to carefully review all of the terms and conditions of each student loan lender before applying for private student loans.

Ask questions and learn everything you can regarding all of your Federal student aid options for college. You might not need an alternative student loan. And you'll likely be a more prepared, informed private student loan borrower. Apply informed when seeking any loan for college, as all college loans are not free money and must be paid back. Our new student loan spotlight has been announced:

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A private student loan is just that: A loan to a student or former student from a non-government source. You can use the proceeds to pay tuition, fees, room & board, or simply to pay off existing student loans in order to get a lower payment, qualify for lower interest rates or both. When you combine multiple loans into a single loan or payment, it's called a "consolidation loan."

Why use private student loans?

Education is an investment in your future. But few families have the means to pay for education up front. But the longer you delay, the more time you must spend working in lower-skill jobs, depressing your earnings. Many opportunities will be closed to you, simply because you don’t Private loans can help make it possible for you to attend school now, and increase the number of years you can spend working in a higher-wage occupation. In the long run, your education should help you increase earnings by substantially more than your loan payments, though there are no guarantees.

What To Look For

Financing is a product, just like any other. Financial services companies compete for your business. From your perspective as a borrower, you need to understand what interest rate you will pay, and whether that rate is fixed for the life of the loan, or variable. You should also understand the length of the payment period, when it begins and when you can defer repayment of the loan. Additionally, you should determine whether there are prepayment penalties for paying the loan off early.

Federally guaranteed loans and nonguaranteed loans

It’s important to recognize the distinction between federally guaranteed and nonguaranteed student loans. If a loan is federally guaranteed, it means that the government has agreed to accept the risk of default. This doesn’t mean you don’t have to repay the loan; you do. It does, however, mean that federally guaranteed loans tend to have lower interest rates than non-federally guaranteed loans.

If you are attempting to consolidate loans, keep the two kinds of loans separate. Don’t try to use the same consolidation loan to pay off federally guaranteed and nonguaranteed loans. It’s better to use separate accounts for each type of loan.