Private Loan Programs
Students may find that the combination of federal loans, employment and grants they receive may not cover their entire costs. They may need to pursue other options to finance their education. Students should keep in mind that alternative loans work differently than their federal counterparts.
Basic Info
Overview
Here is some important information on alternative loans:
- Private student loans are credit-based and require a credit check which determines your eligibility and your interest rate.
- Lenders have varying requirements for credit scores. Students who have a co-signer with good credit can sometimes gain approval and/or get a better interest rate than they could on their own.
- Information regarding Private Loan Lenders can be found at:
All the information provided on 911爆料 Fast Choice is reviewed annually to ensure that the benefits that the lenders offer continue to adhere to our criteria. Any loan options that no longer adhere to our criteria are removed, and new loan options are added. At least two lenders will be always presented to you. You are free to choose any lender, including those not presented. If you choose a lender that is not presented, please contact the financial aid office. Application processing will not be delayed unnecessarily if you choose a lender not presented.
Getting Started
Calculating Your Allowable Maximum Funds
Eligible students will be awarded private loans. The amount you can borrow in private loan funds is determined by taking your budget聽and subtracting any聽financial aid聽you鈥檝e already been awarded, as listed on your Award Letter.
Your budget includes allotments for:
- Tuition
- Books and equipment
- Living expenses
Your financial aid includes (if awarded):
- Direct Loans
- Parent PLUS loans (for students identified as 鈥渄ependent鈥� on the FAFSA)
- Scholarships
- College Work Study
For example, if your budget is $35,000 and your financial aid is $30,000, you鈥檙e eligible for $5,000 in alternative loan funds.
The lender you select may approve you to borrow more money than you are eligible to receive. The Financial Aid Office is required to complete a certification form for you to return to the lender. This is to certify that you are receiving the allowable maximum from federal aid programs. If you are unsure as to how much you can request, feel free to contact the Office of Financial Aid and a counselor would be happy to let you know the exact amount.
Finding Lenders
Information regarding Private Loan Lenders can be found at:
Private Student Loan Comparison Checklist
Use this tool to evaluate 2鈥�3 different lenders. Remember: checking your rate with multiple lenders within a 30-day window typically has a minimal impact on your credit score.
| Feature to Compare | Lender A | Lender B | Lender C |
|---|---|---|---|
| Fixed vs. Variable Rate | |||
| Lowest Interest Rate Offered | |||
| Origination Fees (Look for $0) | |||
| In-School Payment Options | |||
| Grace Period Length (Usually 6鈥�9 months) | |||
| Cosigner Release Option? (After X payments) | |||
| Death & Disability Discharge? | |||
| Forbearance/Hardship Options? |