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 offered by the government, private loans often have varying interest rates and repayment terms based on the borrower's creditworthiness. These loans can be used for tuition, books, and other educational expenses. However, they typically require a credit check and may require a co-signer if the borrower has limited credit history. It's important for students to carefully compare options and understand the terms before borrowing from private lenders.