 TITLE: Qualifying for Student Loans: What You Need to Know CONTENT: Private Student Loans\n---------------------\nIf you can't qualify for a federal loan or you need more than one can provide, you also have the option to take out a private student loan. However, there are some downsides.\nBecause federal loans are given out by the government, their terms and conditions are strictly regulated by law. For example, their interest rates are always fixed. Private loans are typically made by financial institutions like banks or credit unions, and the lender sets the terms. Because of that, interest rates tend to be higher and might be variable, and you probably won't get the benefits that come with some federal loans, like loan forgiveness programs.\nAdditionally, the only type of federal student loan that requires a credit check is a PLUS loan, but private student loans usually require an established credit history. If you don't have established credit yourself, you'll probably need a parent or other adult with a solid credit history to serve as your cosigner. END