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FCAA

The Financial Counseling Association of America

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Private or Alternative Loans

Private student loans can help fill the gap between the cost of tuition and the amount a borrower receives in federal aid.

  • These loans do not offer the same benefits (deferment, forbearance, repayment programs, forgiveness) as federal student loans.
  • These loans are issued by private banks and organizations, not by the federal government.
  • Students often need a co-signer to qualify for a private student loan.
  • Private loan terms (interest rates, repayment period, payment plans) vary by lender.
  • Private loans should only be considered if the borrower has exhausted all federal student aid.

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Paying for College

  • Financial Aid Application Process
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  • Student Loan Types
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  • Private or Alternative Loans
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