Credit-based Private Student Loan

Private college loan, also known as a private student loan, is a financial loan program that is normally issued based on the credit report and history of the student-borrower and his corresponding cosigner. This cosigner is someone who will endorse the student’s application of his private college loan.

Private student loan is very much different from the government loan programs because loans from the government can be obtained based on the needs of the student-borrower. Private college loan is appropriate for many students as they and their parents might possess too much income or assets to even be able to qualify for government loans.

And for many foreign college students who study in the United States, do you know that they can also apply for private college loan programs, as they are not eligible for many government student loans. However, the can avail of a private student loan if they can get a cosigner who is a permanent US resident of a US citizen.

Private college loan programs are what we can call the alternative or complimentary loans because all the remaining expenses that are not covered by federal or government loans are usually covered by such loans.