Private Loans

Private/Alternative Educational Loans

First - Have you applied for Federal Student Aid?

Before considering private educational loans, it's important to apply for all other types of aid. Complete the Free Application for Federal Student Aid (FAFSA) to apply for federal, state and institutional grants, federal work study, and low-interest federal loans.

We encourage students to research and apply for all possible forms of financial assistance before turning to a private loan. Use private loans only to assist you with educational costs that you cannot cover with other financial aid.

For more information on federal, state, institutional aid, and scholarships, please visit our "apply for aid" link.

Loan Process

  • Private/alternative loans are non-federal educational loans available from a variety of national lending institutions.
  • Private/alternative loans are a form of assistance that must be paid back
  • The government does NOT guarantee the loan, guarantee approval, or regulate processing
  • These loans are made to student by a lender (of their choosing) based on credit history
  • An alternative, or private loan is a loan in the student's name, however, generally requires the signature of a credit worthy co-signer

The amount of loan certified by the school is determined based on:

  • the school's cost of attendance
  • the amount of other financial aid that the student is receiving (scholarships, grants, waivers)
  • other financial aid awarded by completing the FAFSA

Private/Alternative Educational Loans are considered financial aid because cost of attendance and enrollment are certified by the school to the lender, and the loans must be considered as a resource in determining the eligibility for other aid.

 

We do not have a preferred lender list.

Last updated 4/8/2016
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