Top Questions about NextStudent Private Loans
* Please be aware that due to current conditions in the student loan market in particular and in the financial sector in general, NextStudent is not currently able to accept any new applications for NextStudent Private Loans. However, you may be able to apply for a private student loan from one of our trusted partners. Click here for more information.
What’s the difference between private and Federal student loans?
Federal student loans are guaranteed by the Federal government, and offer attractive terms such as low interest rates, deferred repayment, subsidized interest payments and longer repayment terms. Credit checks, if required, are less stringent than for other types of consumer loans. You must complete the Free Application for Federal Student Aid (FAFSA) to be eligible for Federal student loans.
Private loans are non-government loans offered by banks, credit unions and other lenders. These loans are not based on financial need, but rather on your creditworthiness and ability to repay. Private loans are designed to supplement federal loan programs and can be used for a wide range of education purposes, including tuition, books, living expenses and computers. The rates and terms vary by lender and borrower creditworthiness. In some cases, a co-signer is required to receive a private loan.
Do I need a co-signer for a NextStudent Private Loan?
Not necessarily. You may be eligible for a NextStudent Private Loan if you have a satisfactory credit history, are employed and are a U.S. citizen or permanent resident who has resided in the US for at least two years. If you don’t meet the minimum eligibility requirements, you can apply for a NextStudent Private Loan with a co-applicant who does.
What are the rates for a private loan?
The rates vary according to the specific purpose of the loan. For instance, NextStudent Private Loans for undergraduates start at a rate of LIBOR plus 3.6%. All NextStudent Private Loan rates are based on LIBOR, plus a margin. Click here for more info.
How do I apply for a NextStudent Private Loan?
Call our Education Finance Advisors at (800) 518-2509. It’s fast and easy—most loans are pre-approved in as little as 15 minutes.
Quick Links
» Top Questions about NextStudent Private Loans
Download an Undergraduate Private Loan Application
Important Information:
Since federal student loans generally offer more attractive terms than private student loans, you should always use your federal financing options first. You should only consider taking out a private student loan if you find that, even after your federal loans and grants, your school costs still exceed your available scholarships and financial aid. In that case, a private student loan could provide the remaining money you need.
In order to provide you with a student loan, it will be necessary for us to share the information you’re providing here with certain third parties, such as a lender or servicer. Any personal information you provide to us on this form may be shared with a third party as outlined in our privacy policy, for the purposes of providing you either with a student loan or with other products or services.