Multiple Private Student Loans
Here are some things to think about when you have more than one private loan for college
Some students have been known to graduate with mountains of debt. But an easily overlooked problem arises from having outstanding private educational loans from a variety of sources, which can be confusing and inefficient when it comes time to begin repaying all these various loans.
That's why financial aid experts counsel that when possible, it pays to use the same student loan lender when seeking multiple student loans. Otherwise, you could easily become overwhelmed by the paperwork, lose track of the due dates, and eventually fall behind on your loans, possibly even culminating in default.
One important benefit of staying with the same lender (if indeed that's an option) you've relied on in the past for student loans is that your alternative college loans can be combined on a single monthly statement. That way, you'll easily see at a glance what you owe each month. And when it comes time to begin repaying your loans, what would otherwise be multiple student loan transactions can easily be merged into a single transaction, either electronically or through manual bill-paying.
Remember that this process is made simpler than it otherwise might be, since you're already obligated to re-file your FAFSA application as well as re-apply for your private loans each year. That's less onerous than it might seem, since after the initial filing of your FAFSA, you'll receive a renewal application that contains last year's information already pre-printed on the form. All you have to do is update it. For private loans, you will need to fill out a new application yearly and re-submit it to your lender.
Learn more about an affordable Citizens Bank TruFit™ private student loan
If you need private student loans to help supplement federal aid, consider Citizens Bank's TruFit Student Loan™. If you have questions, call a student loan specialist at 1-800-708-6684, and we'll help walk you through the entire student borrowing process.
Additional student loan and college planning resources
- How Does Course Load Affect Financing?
- Does Extending my Graduation Date Affect Financing?
- Understanding In-State Versus Out-of-State Tuition
- Financing After Transferring Schools