Private Student Loans
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Private Student Loans Overview
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Borrow up to the true cost of your education
- Fast eSignature process
Private student loans are a great college financing option that can help cover additional costs not covered by federal financial aid. A private student loan can be used to pay for normal tuition expenses, but can also cover books, supplies, housing expenses, school fees, transportation, and more.
What Makes Private Student Loans Different?
Unlike federal loans, private student loans do not require the FAFSA. However, a credit check for the primary borrower and a co-signer is needed to qualify. Private student loan interest rates are variable and based on Prime index plus a margin for borrower credit.
Apply now for a Private Student Loan
The chart below illustrates the primary similarities and differences between federal and private student loans. We always recommend that borrowers exhaust their federal aid before taking out a private loan.
| Private Student Loans | Federal Stafford | |
|---|---|---|
| FAFSA required | No | Yes |
| Yearly Borrowing Amounts | Up to the cost of education | Capped by grade level and status of the student |
| Interest rate | Prime plus or minus a margin, based on credit evaluation | Fixed at 6.8% (6.0% for subsidized undergraduate borrowers) |
| Disbursement | Check sent directly school | Check sent directly school |
| Deferment | No payments until after graduation | No payments until after graduation |
| Able to Consolidate | Yes | Yes |
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Private Student Loans Fill the Gap
We always recommend that borrowers maximize their federal aid first. However, in most cases there is a substantial amount of unmet financial need even after federal aid is exhausted. Private student loans are a smart way to help fill that gap and pay for the true cost of an education.
Our private student loan has great benefits:
- Up to 100% of your cost of attendance minus other aid
- No payments until after graduation.
- 0.25% interest rate reduction if you have your payments automatically debited from a bank account.
For more information about private student loans, check out our private student loans frequently asked questions page, or get started and apply for a private student loan.
