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.

¹ This loan does not require school certification and the proceeds are disbursed in the form of a check co-payable to the borrower and cosigner (if applicable), mailed directly to the applicant with the stronger credit profile.

² Disbursement can occur in 48 hours after receipt and verification of signed loan documents and all other requested documentation and must be within 21 days of the enrollment date.

³ Interest will continue to accrue while your payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins.

^* Think Financial refers applications to Simple Tuition, a leading student loan comparison site, and is paid a fee for this referral.