Other Loans
Governments aren't the only ones to offer student loans.
Some financial institutions also lend money for school. These are regular consumer loans aimed at students. Interest rates may be higher since the rates are not set by the government, and repayment terms may be more aggressive than with government-sponsored loans. Also, interest accrues (builds up) on bank loans while you’re in school, unlike most government student loans.
Some financial institutions also offer lines of credit. These are preset amounts of money from which you can withdraw sums as needed. You pay interest only on the money you withdraw.
Other specialized loans are available from other sources. Here is one example.
- Emergency loans
Usually disbursed by your school’s financial aid office, these short-term loans (usually 90 days) are for students in dire straits.
Drop by these pages to learn more about loans offered by private financial institutions.