The plan you decide to use to pay for college can have a big impact on your life, almost as big of an impact as the major you choose to pursue.
Additionally, you must qualify for loans from private banks, just as you would for any other type of loan.
If you have bad credit or no credit, you must have a co-signer on your loan.
This means whoever signs for you is just as responsible for paying back the loans on time as you are because their credit is at risk.
Student loans differ from other types of loan in that they offer deferments.
Student loans supplement your income while you attend school.
Student loans help pay for your living expenses, tuition and books so that you can continue to focus on your studies.Private student loans bridge the gap between what you receive in federal student loans and financial aid and your income.Often, these loans are part of a federal aid package, which could consist of other financial aid, like grants and work-study options.This means in most cases, you do not have to start making payments on these loans until after you have finished your schooling; however, this is not a feature found across the board, and some banks require small payments while you are still in school.You can find more detailed information in our articles about student loans.Deferred Payment When you defer payment, you make no payments while you are in school.