Private Student Loans – dispelling the myths If savings, grants, scholarships, and federal loans don’t cover the cost of your education, it’s time to turn to private loans. But young college students can’t qualify for a private loan, can they? Wrong! This article addresses this and other myths about student loans that you may run into. I don’t have any collateral, so I can’t get a private loan. Private loans are usually unsecured, which means no collateral is required. On the downside, this ma.