Private student loans are funds borrowed from private lenders, such as banks or credit unions, to help cover the costs of education. Unlike federal student loans, which are backed by the government, private loans often have varying interest rates and repayment terms. Borrowers typically need to have a good credit score or a co-signer to qualify for these loans.
These loans can be used for tuition, books, and other school-related expenses. However, it's important for students to carefully consider their options, as private student loans may not offer the same benefits as federal loans, such as income-driven repayment plans or loan forgiveness programs.