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 Private Educational Loans

Private educational loans are offered through lending institutions and are NOT part of federal government programs.

To maximize the best available funding options, we encourage you to complete the FAFSA. Federal Direct Loans tend to have lower interest rates and better financing options. Therefore, private educational loans should be taken as a last resort after Federal Loans have been considered.

As with all student loans, the amount borrowed must be for educational expenses and cannot exceed the cost of attendance for the loan period. Money is typically borrowed in the student's name, although some lenders have loans available under a parent’s name. A cosigner is usually required if the loan is borrowed in the student’s name and loan approval is based on creditworthiness. Interest rates, loan fees, and borrower benefits for private loans vary. Private loans are also available for students that may not qualify for federal aid including international students (with a cosigner), students who have past due term balances, and students enrolled for less than half-time.



 

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