 TITLE: How to Get a Student Loan to Help Pay for College CONTENT: How to Get a Private Student Loan\n---------------------------------\nPrivate student loans are generally less appealing than federal loans because they don't come with loan forgiveness programs, typically carry higher interest rates and rarely have the benefit of income-driven repayment plans.\nBut if you've maxed out your federal loan limits—there are annual and aggregate caps—or you're a graduate student or parent, they may be worth considering (especially if you have great credit).\nFinding a private student loan involves applying with individual private lenders. Each one has its own criteria for determining eligibility and also its own set of interest rates, repayment terms and other features.\nOne of the drawbacks of private student loans versus federal loans is that private loans typically require a credit check. If you have excellent credit and a relatively high income (or a cosigner with both), it likely won't be a problem, and you may even be able to qualify for a lower interest rate than what the federal government offers on graduate and parent loans.\nBut if your credit history is limited or has some negative marks and you don't have a creditworthy cosigner, you may have difficulty getting approved.\nThe good news is that private student loan companies typically allow you to get preapproved before you submit an official application. This process requires just a soft credit check, which won't impact your credit score, and it allows you to see if you qualify and compare rate offers to ensure you get the best deal.\nIf you are eligible, the terms of your loan will vary based on your credit history, income and other factors. END