Are you looking for more money than financial aid has provided for your schooling? Do you need more than the government loans to get your tuition paid and all the other expenses? Let's face it, it is super expensive to get an education, but it is even more expensive not to. Here are the reasons why private students loans can help you get through school.
First, we need to look at some facts about the difference between having just a 2 year degree compared to just high school and what a bachelors degree means for you. If you are just a high school graduate, then you are likely to make no more than $ 30,000 a year in your lifetime and that is if you are lucky. However, with just a two year degree you can bump that up to over $ 38,000 a year, which is over $ 150,000 extra for 20 years of work. A bachelors can get you well over $ 50,000 a year so now you can see why it is so expensive to not get your education.
With that said, we need to move on to what private students loans can do to help you out. You get some financial aid from the government in the form of loans and a Pell grant if you qualify. However, this might not cover your tuition, fees, books, and living expenses and if you have not other financial help, then work or private students loans are your options.
When you go for the private loan you will need to either have good credit yourself or a co signer with good credit. The good thing is there is not income requirement so it can be a retired person that co signs or someone with a low income. This can usually give you plenty of money for all your expenses and help you get your education without the financial stresses that some students have.