Private Loans are loans that a student can apply for in their own name. They come from a private lender, such as a local bank or credit union, or a national lender. Often these loans require a co-signer because approval is based upon the credit-worthiness of the student.
Unlike Stafford and PLUS Loans, private loans are not federally guaranteed and have different interest rates and repayment terms. These interest rates are determined by your credit score, and that of your co-signer if you have one. Some of these loans may also require that interest payments be made while the student is still in school.
The benefits to a private loan are, if approved, you can take the necessary amount needed to cover your balance or cover living expenses. You can also, in many cases, borrow a private loan if you are attending less than half time (less than 6 credit hours).
Please make sure to check that you have exhausted all of your federal student aid resources before applying for a private loan.
If you are interested in applying for one of these loans, please visit the Private Loans page
. You will be redirected to Fastchoice.com, which is a service provided by Lourdes to assist you in researching private loan options and lenders.
Please contact the financial aid office if you have any questions regarding private student loans.