Considering private student loans? Here’s one big benefit all borrowers should know

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Private student loans can help bridge the financing gap left by federal loans. Getty Images
With a change of seasons come cooler temperatures and falling leaves. The fall also marks the return to college for millions of college students across the country. And, with the 2023-2024 semester right around the corner, now is the best time to get your financing in order. While grants, scholarships and federal student loans can help offset much of the cost of a higher education, private student loans should also be considered.
Private student loans have multiple benefits that borrowers should understand as they embark on their upcoming school year, but there is one major advantage that most of the other financing types don’t come with.
Are you in need of a private student loan? You can easily explore your rates and terms here now.
One big private student loan benefit borrowers should know
Amid a range of benefits that private student loans come with, arguably, the best one is the borrowing limit that accompanies most. Or, to put it another way, the lack of a borrowing limit.
Federal student loan aid for undergraduates is capped at $57,500, while the limit moves to $138,500 for graduate students, according to the Department of Education. Grants and scholarships can help, too, but the most effective way to bridge the financing gap is to turn to private student loans.
Many private student loans don’t come with those same financial limitations.