Private student loans are lending instruments that provide funding to pay for a college degree or other similar educational pursuit. Unlike federal student loans, they are not backed by the federal government. Seeking out private funding can come with pros and cons for borrowers. These loans are likely to cost more in interest than government loans and they can also have a few other negatives attached to them. Private student loans are considered the option of last resort by many because they generally do not offer forbearance time and other related perks. Still, they can provide the capital needed to fund a future. They should be considered after other options such as private payment, grants, scholarships and federal loans.