Private student loans are offered through a variety of banks and other lenders. Students wanting private loans must apply separately from their financial aid application through an individual lender. The best rates on these loans are generally offered to borrowers with good credit and/or who have a cosigner with good credit.
When shopping for a private loan, look for a loan you can live with in both the short term and the long term. You may be repaying it for multiple years after graduation. Many loan providers will lend up to the amount of the student’s cost of attendance minus any financial aid received. Often there is a yearly and/or cumulative cap on the amount the student may borrow; sometimes this cap is set by the student’s school. Note that it takes two to four weeks to process private loans through our office.