Private Student Loans

Information about how private student loans work and when you should consider one.

12 articles
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Written by Sparrow Support

Do I need a cosigner for a private student loan?

Whether you need a cosigner depends on a variety of factors such as your age and your credit history.
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Written by Sparrow Support. Updated over a week ago

Will the loan money be sent to me or my school?

Receiving the funds for your private student loan depends on whether you’re borrowing an in-school loan or refinancing an existing loan.
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Written by Sparrow Support. Updated over a week ago

What is a student loan?

A student loan is a loan borrowed from the government or a private lender, designed to help you pay for your college education.
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Written by Sparrow Support. Updated over a week ago

Is it better to take out student loans for all four years at one time or one year at a time?

It’s better to take out student loans one year at a time.
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Written by Sparrow Support. Updated this week

What is the difference between federal student loans and private student loans?

Federal student loans and private student loans are different in a few ways.
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Written by Sparrow Support. Updated over a week ago

How does repayment work on private student loans?

Repayment terms will vary depending on your specific lender and loan.
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Written by Sparrow Support. Updated over a week ago

Why should I take out a student loan?

Students typically take out student loans to pay for college after they’ve exhausted all scholarship, grant, and work-study options.
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Written by Sparrow Support. Updated over a week ago

What should I consider when taking out a private student loan?

There are a few main factors to consider when taking out a private student loan: APR, principal, loan term, monthly payment, and total cost.
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Written by Sparrow Support. Updated over a week ago

How much can I borrow for a private student loan?

In general, our lending partners' maximum loan amount is based on your school’s COA minus any financial aid you’ve already received.
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Written by Sparrow Support. Updated over a week ago

How do I receive the funds for my private student loan?

Receiving the funds for your private student loan depends on whether you’re borrowing an in-school loan or refinancing an existing loan.
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Written by Sparrow Support. Updated over a week ago

When should I consider private student loans?

You should only consider private student loans after you have exhausted scholarships, grants, and federal aid opportunities.
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Written by Sparrow Support. Updated over a week ago

Are student loans worth it?

Student loans are typically considered “good debt” because of the return on investment.
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Written by Sparrow Support. Updated over a week ago