Private Loans are offered by private lending institutions and are not guaranteed by the federal government. These funds are available to credit and non-credit students who may not be eligible for federal financial aid or who may need to bridge the gap between the actual cost of education and their federal financial aid. The lender will interpret credit history and other determining factors to see the student is eligible. Some may require that you obtain a cosigner before approving your loan.
Important news for Private loan borrows: Effective February 14th, 2010, Alternative loan regulations have changed and will take a minimum of 30 days to process.
To assure that you are eligible for an private loan, it is advisable that you contact the Financial Aid Office prior to contacting a lender. The Financial Aid Office can help determine the amount of a private loan you may be eligible to receive. For more information on private loans visit FinAid.org or contact the Financial Aid Office at 541-383-7260.