About Personal Loans for College Students

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Personal loans for college students are also known as alternative loans, and they are provided by a private lender. Find out why private loans are based on credit scores with help from a financial aid officer in this free video on student loans.

Part of the Video Series: Student Loans
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Video Transcript

Hi my name is Brooke Kramer and I am the Financial Aid Officer for Argosy University in Salt Lake City, and today we're going to talk about personal loans for students. These loans are actually called alternative loans. They are when you go to a private lender and apply for a loan. This means you're not going to the government for the loan, you actually go to the institution and fill out that private institutions application and see what you qualify for. Now private loans are based on your credit score, so this will be checked. And your interest rate is usually based on what type of credit history you have in the past. If you have questions on different types of private loans available, you should go and, to your lenders, and see what they offer. And I would suggest you go to multiple lenders to get a comparable rate as to how they differentiate their benefits, as well as their interest rates. If you have other questions about alternative loans, you can also visit SallieMae's website at www.salliemae.com, and they have alternative loans available to students. If you have any other questions, please feel free to check out our website at www.argosy.edu.

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