Loans—Private Loans
If you are an Undergraduate student and your Financial Aid Eligibility Letter lists a Private Loan, this program may provide an alternative means of paying your educational expenses. Eligibility for these loans involves a review of your credit worthiness. We highly encourage you to borrow your full Federal Loan eligibility before applying for a private loan.
If you are an international student and unable to borrow from Federal Loans, private loans may be an alternative source of funding for you.
If you have borrowed a Stafford loan, you may wish to contact that lender to review their private loan program(s). You may also review other lender's private loan products and compare the terms of the loan. Terms to consider:
- Interest rate—fixed or variable. For variable rates- frequently of rate change/ cap on rate
- Fees
- Repayment Terms
- Repayment Benefits
- Deferment or Forbearance options both while in school and out of the school
- Selling/servicing of the loan
- Late Payment Penalties
- Any Early Repayment Penalty
If you need further clarification, please contact our office.
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