Need money for college? A Guide to Private Student Loans

Private student loans are a great way to cover your cost of attending college when savings, scholarships and federal aid aren't enough.

Also called "alternative loans," private loans are unlike federal loans because they aren't backed by the federal government. CLC's private education loans not only help you cover the cost of your education, they also offer these benefits that you'll love:

Why a private loan?

Federal student loans usually are a better deal for students, but the federal government won’t lend you much money. So if you still need financial aid after you borrow a federal loan, that’s where a private student loan can help!

What's a private loan?

Unlike the Stafford Loan for students and PLUS Loan for parents, a private loan isn’t affiliated with the federal government, making it more like a traditional consumer loan. There's less paperwork and it's faster to apply than a federal loan. Also, with a private college loan, you will probably need a co borrower who is willing to sign for the loan with you, if you aren't working or you have a limited credit history.

A dozen reasons to choose a private student loan from College Loan Corporation!

1. Borrow up to your full cost of attendance, minus any other financial aid that you have already received
2. No payments until six months after graduation or dropping below half-time enrollment
3. Prequalify in minutes – apply now!
4. CLC is the winner of the Better Business Bureau's 2006 Torch Award for Marketplace Ethics
5. Calls are answered by highly-trained professionals
6. 90% of calls answered by experts in less than 30 seconds without phone mazes, long waits on hold, or entering of data through a telephone keypad
7. One Call Promise® eliminates phone tag and resolves matters quickly
8. Personalized advice to meet your unique financial situation
9. Online information to help you understand all of your options, including free money for college
10. Interest rates as low as the prime rate¹
11. Origination fees as low as 0%¹
12. Two interest rate benefits that can save you hundreds over the life of your loan!²
    • 0.50% interest rate reduction if you choose to make interest payments while in school
    • 0.25% additional interest rate reduction for enrolling in automatic payments through ACH once your payments begin

PLEASE READ THIS IMPORTANT INFORMATION ABOUT THIS LOAN: "ALTERNATIVE" OR "PRIVATE" LOANS ARE NOT FEDERAL STUDENT LOANS NOR ARE THEY BACKED BY THE U.S. GOVERNMENT. IT IS LIKELY THAT YOU WOULD BE ABLE TO QUALIFY FOR FEDERAL FINANCIAL ASSISTANCE AND THAT THIS FEDERAL ASSISTANCE COULD MAKE THIS LOAN UNNECESSARY. IF YOU DO QUALIFY FOR FEDERAL FINANCIAL ASSISTANCE, THAT ASSISTANCE COULD INCLUDE LOANS THAT ARE LIKELY TO PROVIDE YOU WITH BETTER TERMS AND CONDITIONS, INCLUDING A LOWER INTEREST RATE AND LOWER FEES. FOR MORE INFORMATION ON FEDERAL FINANCIAL ASSISTANCE PROGRAMS, PLEASE VISIT THE U.S. DEPARTMENT OF EDUCATION’S WEBSITE AT: HTTP://WWW.ED.GOV/FINAID.

¹Specific terms and conditions apply. Interest Rates and Annual Percentage Rates (APRs), and benefits are effective as of the date of publishing and are subject to change at any time without notice. CLC reserves the right to modify or discontinue loan benefits, lending policies and requirements at any time without notice. Rates and fees are determined by, and commensurate with, an evaluation of the borrower's/co-borrower's creditworthiness. Loan amounts are determined by (1) evaluating the borrower's/co-borrower's creditworthiness and (2) school certification of the required loan amount: the lesser amount takes precedence. Applicants are encouraged to utilize a qualified co-borrower to receive better loan terms.

²All loan payments, as applicable, must be made on time to be eligible for these benefits. To receive the interest rate reduction for automatic payments, the borrower must enroll in automatic payments through ACH and remain current. Borrowers who cancel ACH can re-enroll at any time and return to the benefit as long as all loan payments have been made on time. The 0.50% interest rate reduction for borrowers who choose to make interest payments while in school or grace remains in effect as long as the borrower makes all interest payments within 90 days of billing. If no payment is made within 90 days of billing, the 0.50% interest rate reduction is lost. We reserve the right to modify, extend or discontinue these benefits at any time without notice. Borrower benefits will terminate in the event of default or failure to meet qualification criteria. Additional terms and conditions apply; please contact us for details.