Private Loans

Private Loans can be used as a supplemental source of financial aid after the federal loan programs have been utilized. A private loan is subject to credit analysis and may require a co-signer. When determining what private loan program you would like to use, you should examine some of these factors:

• Do I need a co-signer?
• How much is the origination fee on my loan? An origination fee is the amount of money that the lender keeps off the top of your loan proceeds. For instance, if you borrow $1000 with a 5% origination fee, you will actually have $950 disbursed towards your account, as the lender keeps $50. When you repay your loan, your payments are based on you borrowing $1000.
• How much is the interest rate on my loan? Will it change during repayment?
• When does my loan repayment start? Can my loan be deferred if I go back to school?