by KYW's Lynne Adkins
Shopping around for a private loan for college could get you a better rate, while damaging your credit score.
The number of students applying for private loans to pay for college has jumped in recent years because of the high cost of tuition and limits on federal and state loans.
David Glezerman, bursar at Temple University, says shopping for a private loan can be damaging because each time a lender quotes a rate, the borrower's credit history must be checked:
"If you're applying for a loans or any other types of credit quickly, a number of applications in a short period of time, it's as though there's a concern you're having a tough financial problem as opposed to wanting to borrow for educational purposes."
Damage to your credit score could mean lenders charge you higher interest to borrow that money.
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