Questions to Ask When Considering a Private Loan

If you decide to take out a private loan, it is important to realize that you have made a decision that will impact your life after graduation. You should consider a number of different factors.

  1. How much in total loan fees will I pay?

  2. Do I have to start paying this loan back while I’m in school?

  3. What is the current interest rate and how is it calculated?

  4. How long do I have to repay the loan?

  5. Are there any enrollment requirements? (Undergraduate; full or part-time; in a degree seeking program, etc.)

  6. Do I have a grace period with this loan?

    • If yes, how long is the grace period?

  7. What are my repayment options?

  8. How strict are the credit requirements?

  9. Do I need a co-signer? Is my co-signer creditworthy?

  10. How long does the application process take?

  11. How often does the interest get capitalized?

  12. Do I have any deferment options?

  13. When will my first payment be due?


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