What is one benefit of privately issued student loans?

Privately issued student loans are made by banks or other private lenders, which generally set eligibility using their own lending standards, such as creditworthiness. Unlike federal loans, they are not backed by the U.S. government and are not necessarily based on financial need. So the benefit described is that they may be available to students who meet a lender’s standards regardless of financial need.

AI-written and checked against the verified answer.