Personal Student Loans
Student loans are complicated. What makes matters worse is that they are referred
to by so many different names – student loans, college student loans, personal student
loans. It’s hard to keep track of which terms refer to which types of loans.
Personal student loans can refer to either federal student loans or private student
loans – and there’s a big difference between the two. Federal student loans are
guaranteed by the federal government and generally carry lower, fixed interest rates,
but they have relatively low loan limits. Private student loans, on the other hand,
are frequently variable rate loans which allow students to borrow up to the full
cost of education.
Private student loans do not generally have application deadlines, so students can
apply whenever they need additional funds to cover education expenses. Some private
personal student loans are disbursed to the school, but Think Student Loans are
sent directly to the applicant(s)1 – and a borrower
can have a check disbursed as fast as 48 hours after final approval.2
You can apply online for a Think Student Loan, it takes about 15 minutes to apply and applying
with a creditworthy co-signer greatly improves your chances of being approved for
a personal private student loan.
A Think Student Loan – which is a private version of personal student loans – can
be deferred until after graduation (up to 5 years).3
And Think Student Loans can be used to cover education-related expenses like tuition,
room and board, books, and a computer.