Private Loans

Is a Private Loan a wise decision for you? Think carefully before going deeply into debt. There may be other opportunities for you. You can discuss your issues with a financial aid representative who can inform you of a variety of choices that may fit your situation. See a discussion at Finaid.org

Please see if you are eligible for a Federal Perkins, Subsidized Stafford, Unsubsidized Stafford,or PLUS loan first.

• If you are eligible for federal loans you will usually get better loan conditions and rates.
• Borrowing costs are higher for alternative loans.

When do families tend to consider consider a private loan?

• If you or your parent do not meet Federal Eligibility Requirements.
• If parents want to borrow a parent loan that can be deferred while the student is in school. (PLUS loan payments cannot be deferred while the student is in school, but many private loans offer this option.) Be careful of the higher interest charges.
• If you have outstanding charges and it is too late to obtain federal aid for a previous period of enrollment.
• Please investigate payment options including the partial payment plan called E-Cashier or ask about individual payment arrangements with the Finance Office if you want to avoid alternative loans.