Private Education loans

We strongly encourage you to use all available federal loan programs before using private loans.

  • Credit approval is required and the process is more comprehensive than the Federal PLUS Loan
  • Students with an insufficient credit history may qualify with a co-signer
  • The minimum loan is $1,000; borrowing limits may vary by lender
  • Unlike federal loans, this type of loan may be used to pay a previous semester’s balance.

 

Private Education Loan lenders

Self-Certification Form

Federal Loans Private Loans
Co-signer Requirement No Depends on Loan
Credit Check Requirement Stafford-No
PLUS-Yes
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 1.06%
PLUS-Up to 4.25%
Depends on Loan
Loan Forgiveness/Discharge Yes No
Penalty for Early Repayment No Depends on Loan