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Alternative and Private Loans

View the video: What is a private loan?

Overview

Lending Institutions can also provide loan options for higher education. Visit Elm Select to search through alternate loan products.

Elm Select

Private Loans

Private Loans are provided by lending institutions and are not in any way related to the loan programs offered by the Federal Department of Education. Private loans offer a funding alternative for students and parents. While using a private lender is an option, it is in the students' best interests to apply for Federal, State, and Institutional Aid before considering this option. The benefits of applying for Federal Direct Student Loans over a Private/Alternative loan include lower interest rates and greater repayment options.

What Should You Look for When Choosing a Lender?

  • Interest rate
  • Variable vs. fixed rate
  • Co-borrower requirements
  • Interest accrual (during school vs. after you’ve graduated)

Additional Information

If you have other questions about interest, please email the Office of Financial Aid, or call us at 254-968-9070.