Financial Aid: Private/Alternative Educational Loans

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Typically, it is recommended that you borrow your maximum eligibility under the federal student loan programs before you turn to a private loan. If you decide you need a private loan, choose a loan that best meets your needs and borrow only what you need.
Private loans are offered through lending institutions and are not part of the funding you receive through the FAFSA application and the federal student loan program. 
Private loans may be more expensive than the federal student loans. You should be a careful consumer when considering a private loan and fully understand the terms of the loan. 
Private student loans are taken out in the student's name, and usually require a cosigner.

Choosing a Loan or Lender

Choosing a lender is an important decision, one that will affect you for the life of your loan. You may want to have some questions prepared when contacting a private loan lender so you are able to find the best alternative loan program to fit your needs.Here are some questions you can ask as you are comparing your private loan options.

Keep in mind:

 

Finding a Lender