My ancestor’s educational records ran the gamut from none to the unknown. Most of my father’s generation had high school educations, but many of them weren’t able to go onto college because they lacked the money and in their circles there were no family members to foot the bill for anything like it. The alternative would have been to find private student loan lenders willing instead, to provide the funds.
I imagine that currently some high school graduates might be considering this kind of financing if one of their family members will co-sign with them, providing the co-signer has an excellent credit rating of their own. Most likely, the better credit score the co-signer has the lower the interest rate the student would have to pay. Private student loan rates can vary based on the LIBOR or Prime Rate at the time.
Private student loan rates are not restricted to just the full cost of your tuition, but also for any education related expenses such as books, transportation or housing expenses. There is no time limit when applying for a private student loan, it can be done at any time of the year.
How did your ancestors pay for their extended education?