Planning to take private student loans? Here is some information for you.

The private student loans are not guaranteed by a government agency and are made to students by banks or finance companies.

Advocates of private student loans suggest that they combine the best elements of the different government loans into one. They generally offer higher loan limits than federal student loans, ensuring the student is not left with a budget gap.

But unlike federal parent loans, they generally offer a grace period with no payments due until after graduation. This grace period ranges as high as 12 months after graduation, though most private lenders offer six months