<p>It's come to the point that I will have to take out a private loan to fund my college education. I have a couple scholarships, but they are not worth enough to make a significant dent.</p>
<p>As a teenager, I don't quite understand how any of that works. My mom wants me to be the one to find out the information, considering that it's for my education. </p>
<ul>
<li>How does one go about getting a private loan?</li>
<li>How do the terms of the loan work</li>
<li>ETC..?</li>
</ul>
<p>If you have any knowledge or information about taking out private loans, the best places to get one from, or any other tidbits that would be helpful. All of your information is greatly appreciated.</p>
<p>go to <a href="http://www.collegelenderlist.com%5B/url%5D">www.collegelenderlist.com</a> you can put in the state of your school then find your specific school and go from there</p>
<p>Please make sure you have considered all the federal education loan options before taking out a private education loan.</p>
<p>Stafford loans are available to everyone as long as you completed your FAFSA</p>
<p>Parent PLUS loans are another alternative that your parents can borrow as much as you owe for that academic year - </p>
<p>Both of those loans are guaranteed by the feds - the feds set the interest rates and terms - lenders then can throw some extra benefits on top of that to help you reduce the interest rate, rebate orgination fees or get a rebate on a portion of the principal - these loans offering flexible repayment terms and are alot more consumer friendly.</p>
<p>IF you HAVE to use a private education loan ask the financial aid office at the college to make a recommend - but read the fine print and be really sure your keep the amount you borrow to a minimum - this is where people get in trouble - these loans are credit based - variable rate and repayment terms are generally tougher than your federal loans.</p>