Private loans are offered by banks and other financial institutions and are not guaranteed by the government, therefore carry higher risk to the lender. Because of this, they are usually credit -based, meaning they will check your credit history, and your interest rate will be determined by how good your credit is. Many students haven’t had the opportunity to establish a good credit history, so having a cosigner with good credit can help you qualify.

Be conservative and borrow only what you need, as you will have to pay it all back eventually.

list of student loan interest rates and fees: http://www.salliemae.com/get_student_loan/apply_student_loan/interest_rates_fees/student_loan_interest_rates_fees.htm

Bad rate, 8% +

The first thing to try is your bank or credit union.

Compare to rates offered by majors (Bank or America, Chase, Citi…)

Good luck !