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: