Private Loan Information
Private loans are available to students who are not eligible for federal financial aid or who need additional funds to meet educational expenses; however, Federal Title IV funds may be more favorable than private loans.
Private loans are expensive and should only be borrowed when all other resources, such as Stafford or PLUS loans, have been exhausted. These loans do not offer the same benefits as Federal Financial Aid and are subject to higher interest rates because they are not guaranteed by the federal government. Since this type of loan is based on credit history, it may require a cosigner.