Private
We strongly encourage you to use all available federal loan programs before using private loans.
- Unlike Federal loans, this type of loan may be used to pay a previous semester’s bursar bill
- Credit approval process is more comprehensive than Federal PLUS Loan
- Borrowing limits may vary by lender
| Federal Loans | Private Loans | |
| Co-signer Requirement | No | Yes |
| Credit Check Requirement | Stafford-No PLUS-Yes (however, debt to income ratio not included) |
Yes |
| Deferment | Yes | Depends on Loan |
| Grace Period | Stafford- 6 months PLUS- 6 months |
Depends on Loan |
| Interest Rate | Fixed | Variable |
| Fees | Stafford-Up to 1.5% PLUS-Up to 4% |
Depends on Loan |
| Loan Forgiveness/Discharge | Yes | No |
| Penalty for Early Repayment | No | Yes |
Updated 5.7.2010