Things to Consider Before Committing to a Private Student Loan
- Be sure to exhaust all possible sources for scholarships before applying for a loan.
- Terms and conditions of Title IV HEA Federal Direct Loans may be more favorable than
private loans.
- Note that private student loans are credit-based, and students are NOT guaranteed
to receive them.
- Under lender-defined circumstances, some students may be asked to have a co-signer
or co-borrower.
- Review the credit qualification criteria that you as the borrower and a co-signer
or co-borrower (if required) must meet to qualify.
- Review the current interest rate and fees (origination or repayment) associated with
the various loan options. Keep in mind that fees can offset differences in the interest
rate. Interest rates and terms vary with each lender.
- Review the repayment terms and deferment options available.
- Be sure you fully understand your responsibilities under the loan.
- While the lender may contact us for verification of your enrollment status, the loan
is strictly between the student and the lender.
