Financial Aid Officers
Private Financial Aid
Unlike federal financial aid, private financial aid is based on your credit history and income and should only be considered after all federal loans, grants and scholarships have been exhausted. Private financial aid, or private student loans, can be used for education-related expenses including tuition, books, transportation and room and board. You may apply for a private student loan at any time.
Private Financial Aid Benefits
- 2% Graduation Reward based on your outstanding balance1
- No origination, guarantor, or prepayment fees
- Lower your interest rate by 0.25% when you choose to have your payments automatically deducted from your personal bank account2
- Rates from Prime minus 0.50% to Prime plus 4.75%, based on credit evaluation
- Six-month grace period after graduation while you find a job3
Private Financial Aid Eligibility
- Must be enrolled in a degree seeking 4 or 5 year program
- Must be a U.S. citizen or permanent resident
- You must have a cosigner for your loan application
- You and your cosigner must both pass a credit check
- You must be enrolled at least half time to receive in-school deferment. If you are enrolled less than half-time, payments are required 6 months following less than half-time status
- You must maintain satisfactory academic progress (SAP), as defined by your school
Additional Benefits of Private Financial Aid
- If you choose full deferment, payments do not have to start on the private student loan until six months after graduation or dropping below half-time status
- You are not required to make payments while you are enrolled at least half-time in school
- You will receive a 0.25% interest rate deduction for setting up automatic payments from a bank account during repayment
1 Proof of graduation is required.
2 The 0.25% rate reduction is available to borrowers who arrange with their servicer to automatically deduct monthly payments from their personal bank account. Savings programs are effective for all loans disbursed on or after October 13, 2006.
3 Interest will continue to accrue while your payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins.