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Private student loans are nonfederal loans made by a lender such as a bank, credit union, state agency, or a school. They help fill the gap between financial aid you receive and the actual cost of attending school.

With private student loans, you’re not required to complete the FAFSA but must apply directly with each lender. The private lenders set the conditions, terms, rates, and approval process. 

Types of private student loans

Student Loan (In-School)

If you’re currently enrolled, a private loan can help cover the cost of attending school, not covered by other types of financial aid. Find a private student loan lender.

These in-school private loans are available for students pursuing:

  • Undergraduate
  • Graduate
  • Law
  • MBA
  • Health Professions

Student Loan Refinance

Private lenders offer borrowers the opportunity to refinance a single student loan or multiple loans to simplify repayment and potentially get a lower interest rate and shorter term. Refinancing is available on both federal and private loans. However, federal student loans included in a student loan refinancing may remove the federal benefits associated with those loans. Learn more about student loan refinancing.

Want to know more? Read the Ultimate Guide to Private Student Loans

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