Private loans bridge the gap between college costs and other student's benefit
Maximum college-going students qualify for monetary aid to support pay for their education, like federal and state grants, scholarships, and federal loans
But some students may find that these programs do not cover all the costs of college, according to KHEAA. Others may not qualify for state and federal aid because they are going to school for less than half-time
The interest rates on private loans depend on the borrower's credit rating. Students may have to pay higher rates than they would on federal student loans
In addition, many lenders require students to have a cosigner, and most require the college to certify that the student needs the loan
Students and parents should compare the private loans offered by various lenders to find the best possible deal
Parents and students should definitely check into the Advantage Education Loan at www.advantageeducationloan.com. Those loans are made by KHESLC, a nonprofit provider of private student loans, and disbursed by KHEAA
KHEAA is a public, nonprofit agency established in 1966 to improve students' access to college. It provides information about financial aid and financial literacy at no cost to students and parents
What is KHEAA ?
KHEAA helps colleges to manage their student loan default rates and verify information submitted on the FAFSA. For more information about those services, visit kheaa.com