Private Student Loans
Private educational loans (often called 'alternative' loans) are available on a credit-approval basis from private lenders and offer additional financial assistance if you have exhausted all other sources of funding for your education. Filing the FAFSA is not required for private loans; however, you should use all grants, scholarships and federal loans for which you are eligible before considering any private loan. Most lenders allow the loan to be in the student’s name; however, most require a creditworthy adult cosigner to qualify for a private loan. Some lenders now offer private loan options for parents as well. Each private lender has different eligibility requirements, loan rates, repayments terms, and conditions. Some will not require loan repayment until after college, but may require payment of interest while you are in school.
Please use the links below to access private lender comparison tools and online applications. The lenders listed in these links are offered here for the convenience of comparing loan terms. You may select any lender you wish for a private educational loan.
All private loan lenders are required to provide to student borrowers three disclosure statements prior to the school being able to certify the loan.
Disclosures the student will receive:
- Application Disclosure
- Loan Approval Disclosure
- Final Disclosure (prior to disbursement)
If you plan to apply for a private loan, you will need to be timely and proactive in acknowledging and providing any information requested. Delays in acknowledgement of the above disclosures or requests for additional information will delay disbursements.
United Methodist Loan
The United Methodist Scholarship and Loan Programs are a church-wide educational service providing scholarships and loans to help supplement the financial needs of today's students. The General Board of Higher Education and Ministry funds these loans and scholarships through offerings, wills, annuities, and other designated gifts provided to the United Methodist Church. Find more information here: United Methodist Loan.