A Private Loan is offered through a lending institution and is not part of any federal government programs. Private loans are more expensive than federal government guaranteed loans and should only be used when all other options have been exhausted.
- Federal Student Loans are required by law to provide a range of flexible repayment options, including but not limited to, income-based repayment and income contingent repayment plans, and loan forgiveness benefits which other student loans are not required to do.
- Federal loans are available to students regardless of income.
- Private loans can offer variable rates that can increase or decrease over time depending on market conditions.
- Private loans have a range of interest rates, fees, and students should determine these before accepting the loan.
- Students should contact the private student loan lender or their school's financial aid office if they have any questions.
- The interest rate offered on a private loan may depend on borrower's credit rating.
- Some private lenders require students to meet the school’s Satisfactory Academic Progress Policy (SAP). If you are not meeting SAP please select a lender that does not require you to meet the insitution's SAP policy.
- Students who have exhausted all other options in finding funding for their education.
- Student who do not have a social security number.
Students may borrow up to the cost of their attendance minus other financial assistance.
- Pre-Approval with a private loan lender
- Private Loan Request Form submitted to the Financial Aid Office. This form must be submitted in order for the school to certify this loan.
Interest rates vary by lender.
Terms of repayment are set by the lender.