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The most important student loan is the one with lowest interest rate.

In case you are not sure where to start with student loans, use our Financial Aid WIZARD

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Federal Student Loans are vary limited in how much you can borrow. Very often it is not enough to cover the cost of education. That is where Private Student Loans come in.

They allow students and parents to borrow more money than from the Federal Programs. This is their main advantage, becuase without private student loans it would be either impossible to pay for college, or borrowers would be forced into other more expensive types of loans.

Let SimpleTuition find the right student loan for you.

When shopping for Student Loans make sure to compare more than interest rates between federal and private loans. Very often the loan with the lowest rate does not have to be the cheapest one. Use our How To Choose a Student Loan page for more information regarding selection.

As we mentioned above, private student loans offer high loan limits. This means you can borrow much more funds than using federal programs. Federal Financial Aid very often will not be able to cover expenses related to: tuition, fees, housing, room and board, transportation related expenses, books, supplies, lab costs, computers, and more.

Private Student Loans do not restrict you how you apply your funds and they allow you to borrow up to the full cost of attendance. Sounds too good to be true? Not really. Private Lenders will charge a higher interest rate on these loans, and because the loan costs more money you will receive more benefits.

We hear people say families choose private student loans over federal loans, and now we know why they do that. It is not really a choice as in many cases there are no other ways to pay for college unless you take out a private student loan.

Have you had a chance to check out our Financial Aid Deadlines center? If you did you will notice how many deadlines there is and how restricted these deadlines are. It happens to be most of these deadlines are for federal programs and not for private student loans.

In the field of private loans there are no deadlines. Student and parents can Apply all year long whenever they need a student loan. This allows students to make late enrollment decision and not worry about any deadlines.

Since there are not deadlines, there is not stress of submitting your FAFSA Application on 12 o'clock on New Year's Eve.

Another very important advantage of private student loans is their Student Loans Eligibility requirements. Students do not need to present any financial need. These loans are for everyone and everyone can Apply. This advantage is very helpful in case you can not present financial need.

In federal student loan programs financial need is required to present for some loans. This filters out many students and creates a situation where loans are disbursed on first come first serve basis. It is not fair, but that's what it is.

Private Student Loans do not work this way and anybody can Apply anytime as long as you are Credit Worthy. Co-signer is helpful in cases where credit history is missing on the primary applicant.

Repayment benefits are vary important when it comes to student loans, and in some situations borrowers may need to decide what is better: pay lower Interest Rateson my loan or receive more flexible payment option where the actual payment can be more manageable in the future.

When examining the loan you are applying for make sure to look for repayment options and check when the actual repayment of the loan starts.

There are few major questions you should be asking: What can be deferred? Can the interest, the principal, or both be pushed back until graduation? Will there be any interest rates reductions for setting up auto debit repayments? Can you receive principal reduction upon graduation?

All these questions must be asked for each Lenders as every private student loan lending institution will offer student loans with different features and terms.