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Consider personal loans before turning to private funding for tuition costsIndividuals who are not granted enough federal funds, whether through loans, grants or scholarships, often turn to private loans to make up for the rest. But financial professionals encourage students to explore all of their options before agreeing to private financing, which often carry variable interest rates and may come with inflexible repayment plans.Students who must turn to loans that are not federally funded may end up paying less by taking out a personal rather than private loan. Before making a decision, consumers should examine the rates, terms and corresponding fees of both, according to the New York Times. Although personal loans generally offer lower rates than credit cards, many Americans find they do not qualify to secure financing due to low credit scores. 
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