Private Student Loans Information
These are loans made to students by private finance companies: sometimes banks, sometimes specialized education lenders. Advocates of private student loans suggest that they combine the best elements of the different government loans into one: They generally offer higher loan limits than direct-to-student federal loans, ensuring the student is not left with a budget gap. But unlike to-the-parent government loans, they generally offer a grace period with no payments due until after graduation. This grace period ranges as high as 12 months after graduation, though most private lenders offer 6 months.
Rates and interest Private student loan rates are lower than non-specialized private loans (e.g. "signature" loans) but slightly higher than government loan rates. That may be changing, as pending legislation would raise government student loan rates to similar rates as private student loans.
Most private loan programs are tied to one or more financial indexes, such as the Wall Street Journal Prime rate or the BBA LIBOR rate, plus an overhead charge. Because private loans are based on the credit history of the applicant, the overhead charge will vary. Students and families with excellent credit will generally receive lower rates and smaller loan origination fees than those with less than perfect credit. Beginning a few years ago, money paid toward interest is now tax deductible.
Help, My Student-Loan Check Bounced! - U.S. News & World Report
Help, My Student - Loan Check Bounced! U.S. News & World Report, DC - May 13, 2008 Chris Blawat, a prechiropractic student at Ivy Tech in Lafayette, Ind., was relieved when he go...
Publ.Date : Tue, 13 May 2008 16:32:48 GMT
CIT Group Shutters Student Loan Xpress, Lays Off 124 Staff - San Diego Business Journal
CIT Group Shutters Student Loan Xpress, Lays Off 124 Staff San Diego Business Journal, CA - 19 hours ago By MIKE ALLEN Student Loan Xpress, a college student lender in Carmel V...
Publ.Date : Fri, 16 May 2008 23:56:41 GMT
Bank of America discontinues private student loan products - CNNMoney.com
thestockmasters Bank of America discontinues private student loan products CNNMoney.com - Apr 17, 2008 NEW YORK, Apr. 17, 2008 (Thomson Financial delivered by Newstex) -- Ban...
Publ.Date : Thu, 17 Apr 2008 19:43:01 GMT
Student loan agency officials doubt need for more audits - Billings Gazette
Student loan agency officials doubt need for more audits Billings Gazette, USA - May 16, 2008 By CHARLES S. JOHNSON HELENA - Some top officials of Montana's two financially st...
Publ.Date : Fri, 16 May 2008 12:22:19 GMT