― If savings, scholarships, grants, and federal loans do not cover the price of your education, it is time to turn to private/ personal loans. However young college students cannot qualify for a private/ personal loan, will they? Wrong! This post addresses this and alternative myths regarding student loans that you just could run into. ∙ I don't have any collateral, thus I am unable to get a private/ personal loan. ∙ Private loans are typically unsecured, which suggests no collateral [...].