"Private student loans are not guaranteed by the government and their interest rates are not capped. Before considering one, make sure all government and institutional financial resources are exhausted," advises the Associated Press. "Questions for lenders: What is your lowest interest rate and fee combination and how can I get it? Is the rate only for a limited period, or is it for the life of the loan? Is there a limit on how high the variable rate can go? How often is the interest rate adjusted, and how is it determined? What interest rate can I get on a fixed-rate loan? How long will I be repaying the loan? Is there any penalty for paying it off early? What proportion of your borrowers get the discounts you offer? Are your discounts guaranteed or are they subject to change later?"