Questions to Ask When Considering a Private Loan
FASTChoice: is a resource that can assist you in finding and comparing private student loan options. The following are questions you should consider when comparing private loans.
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How much in total loan fees will I pay?
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Do I have to start paying this loan back while I’m in school?
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What is the current interest rate and how is it calculated?
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How long do I have to repay the loan?
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Are there any enrollment requirements? (Undergraduate; full or part-time; in a degree seeking program, etc.)
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Do I have a grace period with this loan? If yes, how long is the grace period?
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What are my repayment options?
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How strict are the credit requirements?
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Do I need a co-signer? Is my co-signer creditworthy?
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How long does the application process take?
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How often does the interest get capitalized?
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Do I have any deferment options?
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When will my first payment be due?