Are private student loans a viable supplement to federal loans and scholarships?

I see alot of Private Student Loan companies being advertised on TV these days. I was wondering if 1) these companies are legit and 2) if this is a good idea for supplement funding when Federal loans and scholarships don't cover everything.

Are private student loans a viable supplement to federal loans and scholarships?

First, always make sure to exhaust scholarship and grant options first.

Secondly, I would not get involved with the companies that send you unsolicited offers in the mail. The ones that are legit you will recognize, because they will probably be through a well-known and reputable bank or financial institution.

Most programs that administer Federal loans, like Sallie Mae, also have a private loan division. This is good because when it is time for repayment, you can get the same grace period for your federal loan that you receive with your Federal loans, and consolidation will also be easier.

I recommend going to Sallie Mae's website www.salliemae.com , or contacting one of their customer service representatives with any questions. Your school's financial aid office is also an excellent source of information (or your guidance counselor, if you are still in high school). Good luck!