NHSCA
 
National High School Coaches Association

LOAN OPTIONS

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Local Bank Loan | State Parent/Student Loan | Federal Loans | Selective Service

Local Bank Loan

Student Bank Private Loan Guide


Both undergraduate and graduate students can use private student loans. However, graduate students are given much larger federal student loan limits, so private student loans are not often necessary.

Private student loans are credit-based loans; your interest rate and fees are determined by taking your creditworthiness into account. Since most undergraduate students have little or no credit history, the vast majority will need to use a co-signer in order to be approved. Interest rates on private student loans are predominantly variable, and are calculated based on an index such as the Prime Rate or LIBOR, plus a margin.

 



Benefits of Private College Loans

If you are attending a public or private 4-year school, private student loans may be a necessary option if you have already exhausted free money and federal student loans, but still have a gap in funding. Private college loans are meant to bridge the gap between your financial aid and the remaining amount that you need to cover your college expenses. Most private student loans don’t require full payments until after you graduate (or drop below half-time enrollment).

 

 



Getting Approved for Private Student Loans


The current economic conditions and difficult credit market have had an impact on student loan lenders. Lenders have tightened credit criteria, making it increasingly difficult for students to secure private student loans. Here are some basic tips for getting approved:

1. Check with your school's financial aid office to see if they have a list of suggested lenders.

Although you are not required to use a lender from this list, it can provide a starting point for your research. Your school's financial aid office will have already researched the reputations and products of these lenders for you.

2. Research private student loan lenders to find the loan benefits you need.

Private student loans are fairly standardized from lender to lender, but there are some different benefits that might be important to you. Research loan products for these options BEFORE you apply:

  • Repayment plan options – make sure there are various payment plans available, just in case you have difficulties making your payments.
  • Deferment/Forbearance – a "break" from making payments if you run into financial difficulties. Federal loans come with deferment and forbearance protections, but you’ll need to check for it on each private loan.
  • Co-signer release program – if you make payments on-time and can independently meet the credit and eligibility criteria for the loan, it may be possible to request that your co-signer be removed from the loan. Each program varies, so you should check each lender's requirements.
  • Loan benefits – interest rate reductions or balance reductions never hurt if you feel you can meet the requirements to receive the benefit.


3. Find a credit-worthy co-signer.

If you don't have significant income or a developed credit history, you will need to find a credit-worthy co-signer to help you get approved. A co-signer can be anyone over 18 (or the age of majority in your state) who is willing to share the responsibility of the loan with you, like a friend, relative or parent. Lenders' underwriting criteria has become more stringent, leading to about 90% of undergraduate loans requiring a qualified co-signer--- so chances are you are going to need one.

4. Check your rates and fees.

You won't be able to see your rates and fees until after you and your co-signer complete the entire application process. Remember that lenders' credit requirements and rate schedules can vary significantly. If you feel like your rates and fees are too high, you and your co-signer may want to shop around.

 

 

State Parent/Student Loan Programs

are some of the most affordable and trustworthy financial aid tools you can put your hands on. Find out right now what types of college aid, state-by-state are available to you. For most state student loan programs you have two ways to qualify:


1. Be a resident of the state

2. Be an out-of-state student enrolled in a college or university within that particular state.

Given that, be sure to explore all of your opportunities. Check out the list below -- states are listed A to Z. It’s that easy!

Alabama Student Loans
Alaska Student Loans
Arizona Student Loans
Arkansas Student Loans
California Student Loans
Colorado Student Loans
Connecticut Student Loans
District of Columbia Student Loans
Delaware Student Loans
Florida Student Loans
Georgia Student Loans
Hawaii Student Loans
Idaho Student Loans
Illinois Student Loans
Indiana Student Loans
Iowa Student Loans
Kansas Student Loans
Kentucky Student Loans
Louisiana Student Loans
Maine Student Loans
Maryland Student Loans

Massachusetts Student Loans
Michigan Student Loans
Minnesota Student Loans
Mississippi Student Loans
Missouri Student Loans
Montana Student Loans
Nebraska Student Loans
Nevada Student Loans
New Hampshire Student Loans
New Jersey Student Loans
New Mexico Student Loans
New York Student Loans
North Carolina Student Loans
North Dakota Student Loans
Ohio Student Loans
Oklahoma Student Loans
Oregon Student Loans
Pennsylvania Student Loans
Rhode Island Student Loans
South Carolina Student Loans
South Dakota Student Loans
Tennessee Student Loans
Texas Student Loans
Utah Student Loans
Vermont Student Loans
Virginia Student Loans
Washington Student Loans
West Virginia Student Loans
Wisconsin Student Loans
Wyoming Student Loans

 

 

Selective Service

A young man who lives in the United States between his 18th and 26th birthdays must be registered with the Selective Service System to receive a federal student loan. Virtually all young men living in the United States are required by law to register with the Selective Service when they are 18. To learn more about registration and the other eligibilities tied to it, please visit, www.sss.gov.