Private student loans are offered
by a number of educational loan companies (lenders). Because
these loans are not guaranteed by the federal government, interest
rates origination fees and application fees are usually higher
than for the Stafford loan program. A co-borrower may be required,
depending on your credit history and credit worthiness. ( Most
undergraduate students will need a co-borrower).
Private
loans are not for everyone. You should exhaust all of your Stafford
loan eligibility before considering private loans. Since
a credit check is performed, not everyone is approved for private
loans.
The Office of Financial Aid is
able to process private loan applications from many of the
lenders. Before deciding on a private
loan, you should determine the following:
- What is the interest
rate?
- When does repayment
begin?
- Can principal and
interest be deferred?
- When is the interest
capitalized?
- How much is the loan
origination fee?
- What are the loan
minimums and maximums?
Click here to continue private loan application process
Click here to view private loan brochure
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