 TITLE: How to Find the Best Private Student Loan for Your Needs CONTENT: Why Should You Consider a Private Student Loan?\n-----------------------------------------------\nThere are two main reasons you may want to get a private student loan:\n*   **Potentially more money available**: Maybe you need to borrow more money than the federal government will lend you. A private student loan can fill in the gap, giving you the financial security required to continue your education.\n*   **Great rates for good credit**: If your credit history is attractive and credit scores are high, you may be able to qualify for a private student loan with a competitive interest rate. The average federal student loan interest rate for the 2020-2021 academic year is 2.75% for undergraduate loans and 4.30% for graduate loans. Private student loan interest rates vary by lender. Here are a few examples:\nCollegeAve\nSoFi\nSallie Mae\n**Fixed APR Undergraduate**\n3.34% - 12.99%\n4.23% - 11.76%\n4.25% - 12.35%\n**Variable APR Undergraduate**\n1.04% - 11.98%\n1.90% - 11.66%\n1.25% - 11.15%\n**Fixed APR Graduate**\n4.39% - 11.98%\n4.13% - 11.83%\n4.75% - 12.11%\n**Variable APR Graduate**\n1.24% - 10.97%\n1.80% - 11.73%\n2.25% - 11.76%\nNote: All rates contingent on using autopay to make loan payments.\nAnother potential method to meet a college expense shortfall is with a personal loan. Private student loans are usually better for this purpose, however, because they typically offer significantly lower rates. APRs for personal loans range from about 6% to 36%, according to Experian data. Moreover, private student loans usually allow you to delay payments until you're finished with school (though you will accrue interest during that time); personal loans do not. END