 TITLE: How to Find the Best Private Student Loan for Your Needs CONTENT: How to Start Your Search for a Private Student Loan\n---------------------------------------------------\nTerms, rates and features on private student loans differ by lender and by your credit standing. Before you start looking, check your credit reports and credit scores. If you have already developed a good credit history and a high credit score, you may easily qualify for a loan with great terms.\nAs a college student, however, you may be new to credit, which could make it more difficult to get a low interest rate on your own. In that case, consider asking someone who does have good credit (ideally a parent or close relative) to cosign the loan for you. If you find a cosigner, he or she will be liable for the debt if you fail to make your loan payments. This requires a great deal of trust, so if you do go this route, be certain that you can manage the payments long into the future.\nHere are a few ways to start your search for a private loan:\n*   **Scan sites that compare or review private student loans.** Bankrate, Forbes and U.S. News are just a few of the media outlets that rank and review a wide variety of private student loans. Experian CreditMatch™ can help you see which student loans you may qualify for. In an easy-to read format, these sites list the lender, interest rate, credit score requirement, loan amount and other relevant details.\n*   **Use a website that matches you to student loans.** Experian CreditMatch™ allows you to view many offers all in one place.\n*   **Check with your bank.** Large and small banks often offer private student loans. If you've been with your bank for a number of years, ask what they have available for good customers.\n*   **Become a credit union member.** Credit unions are similar to banks, but are nonprofit financial institutions. As such, they may offer low-rate loans to members, even if you're just starting out. You can use Credit Union Student Choice to find a credit union in your area that offers private student loans.\nAfter researching several private student loans, identify the one that matches your credit rating (or that of the cosigner) and has these desired qualities:\n*   **Lowest interest rate**: The interest rate you get will have a strong impact on the total interest you end up paying.  \n    Here's an example of the difference you could pay on a $10,000 loan with a five-year term depending on your rate:\n    **3% interest rate**: $179.69 monthly payments; $781.21 total interest paid\n    **12% interest rate**: $222.44 monthly payments; $3,346.67 total interest paid\n*   **Reasonable repayment term**: All loans come with a set repayment term. For example, College Ave loans offer terms of five, eight, 10 and 15 years. The shorter the term, the higher the payment—but the less you'll pay in interest. Conversely, the longer the term, the lower the payment and the more you'll pay in interest.  \n    Here's an example of the difference you could pay on a $10,000 loan with a 6% interest rate depending on your term length:\n    **Five-year term**: $193.33 monthly payments; $1,599.68 total interest paid\n    **15-year term**: $75.82 monthly payments; $6,376.31 total interest paid\n*   **Compelling perks**: Because the private student loan market is highly competitive, some lenders offer perks to entice borrowers. For example, a lender may give cash reward incentives for good grades, or an interest rate discount if you sign up for automatic payments or if you make interest-only payments while you're enrolled in school and during the grace period. END