Private loans cost more because of higher interest rates and fees they charge.Also, before you can qualify for a private loan, the lender likely will do a credit check.
Friends and family members might lend you at least some of what you need.
Experts advise you to exhaust all possibilities for federal loans before considering private student loans.
The reasons are compelling: cost and qualifications.
The terms can be more flexible, and the lender will usually be willing to work with you because he or she knows you.
Even in these cases, however, draft a contract detailing the agreement and repayment terms.