We strongly recommend that students take advantage of the Federal Direct Loan program before opting for private loans, which generally have higher interest rates and higher fees than federal loans.
Private loans are educational loans that are not based upon an assessment of financial need and that may be used to supplement any financial aid that you may be receiving. The maximum annual loan is the cost of attendance, as established by the Financial Aid Office, minus any financial aid that the student may receive.
These are credit-based loans and a poor credit history will prevent borrowing under these programs. Interest on these loans begins to accrue on the date of disbursement, and interest and principal payments begin after graduation.
There are many different private loan products on the market. You may use any lender of your choice for a private loan. These loans are not inexpensive and borrowing under these programs is recommended only after other sources of financial assistance are exhausted.
If you have questions, please contact the Financial Aid Office.