Private Education Loans, also known as Alternative Education Loans, can help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its programs. Private loans are offered by private lenders and there are no federal forms to complete.

Some families turn to private education loans when the federal loans don't provide enough money or when they need more flexible payment options. However, since federal education loans are less expensive than and offer better terms that private student loans, you should exhaust your eligibility for federal student loans before resorting to private student loans.

While many students take out private education loans in order to finance their education, it is best to get as much information as possible before you begin the process. For a transparent, lender neutral and service-free site, please visit Elm Select to compare loan information and lenders.