My cousin is about to start college in the fall at our local state school. He was asking my advice on student loans. I like to think I'm good with money, but I honestly have no idea what to tell him because its been so long since I was in college and also my parents paid for it (it was relatively cheap since I went to state school and lived at home)
I guess what I'm asking is, how does he go about getting private loans? Is is like getting an auto loan from a bank where you look online at the best rates each bank has? How does the approval process for loans work? Sorry to be so vague, I just have no idea how these loans work but I hear everyday how awful private loans are and I don't want him to get scammed.
If you're looking at private loans, which isn't recommend right away, the best way to do it is to use a service like Credible (https://www.credible.com/), which compares student loan lenders to get the best rate.
With private loans, it's all based on your credit score. The better your credit score, the better your loan.
But you're absolutely correct about how awful private loans are. They don't make sense for most people.