With the number of options available, the so many different terms and the eye-catching offers, selecting the appropriate college student loan will be a big and stressful task. While some of these offers are really good and worth the time spent searching for them, the others on the other hand fall into the category of those labeled "too good to be true" Yearly, thousands of college student loans are granted that brings a seeming smile on the face of the student initially not seeing the interest rates attached. A thorough study of the responsibilities to fulfill by the student will go a long way in analyzing if truly this is the right loan and lender for this need.
Below are some of the major things to look out for when applying for private school or educational loans:
* Your credit score plays a very important role. This will go a long way to determine the amount of money you can borrow. Be careful of some "too good to be true offers" here.
* Run away from those that promise money for non-educational items. They are against the Higher Educational Act Policies and thus are termed illegal.
* Be sure to ask from the lending company if your loan will be sold. This is very common with private lenders. This will transfer you to a different lending company which might develop into a shift in terms and higher rates.
* Study the information no the interest rate. Also study how this interest will be calculated over the period of the loan.
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