The interest rate on a private student loan is a crucial consideration, and you must consider the term of the loan carefully. You should understand that private student loans have variable interest rates, so you should be sure to check your credit before applying. A good credit score will give you better chances of obtaining a student loan with a lower interest rate. A low credit score may require you to get a cosigner for the loan. This person will be responsible for the payments, so it is imperative to consider their credit score before deciding.A private student loan allows you to defer payments until you leave school, although most lenders allow you to make a few small payments while you’re in school. You typically have about six months of grace period before being billed. While you’re in school, your private loan will accrue interest daily. During this time, you won’t have to worry about repaying your loan until you’re ready. During this time, you can avoid paying any fees or interest, but this will increase the total amount of your loan.The best private student loans will have interest rates that are similar to or even lower than the Federal PLUS Loan. Generally, these loans are available to students who have a good credit history and a cosigner with excellent credit. These loans are also often easier to get if you’re unemployed or don’t have a stable income, but if you are already paying the minimum and don’t want to wait for a loan, forbearance is the better option.