Private Loans

Understanding Private Student Loans

Private loans are non-federal student loan provided by a bank or other lending institution students may use help with the cost of education. These loans are credit-based.  You should always review the terms and conditions of each private loan opportunity and utilize federal student aid options before considering borrowing private student loans.  Federal student loans typically have better terms, for example: fixed interest rate, more flexible repayment terms, etc.

The terms and conditions of credit-based private loans vary by lender. Student are encouraged to review the interest rates, fees, annual loan limits, and take into considering the impact of a hard credit-inquiry on their credit score prior to applying for a private loan. Private loans are not eligible to be consolidated with any of the federal student loans

If you find you are in need of additional loan funds after borrowing all of the federal loans available to you, you may want to consider this type of loan. For more information on the differences between federal and private loans visit: https://studentaid.gov/understand-aid/types/loans/federal-vs-private.

We have partnered  with Elm Resources to provide one location for our students to compare private loan lenders.