Private education 贷款 are sometimes called alternative 贷款. We strongly encourage
students to apply for all other forms of aid before applying for a private loan. 奖助金
and scholarships do not have to be paid back, and federal student 贷款 are almost
always a better deal for the student than a private loan. Approval of private loan
applications and the resulting interest rate are dependent on the student’s or the
cosigner’s credit history.
To research and apply for a private loan, click on one of the two application tools
下面列出的. INvestED Marketplace and FASTChoice both provide you ways to compare
lenders and rates for possible alternative education 贷款. INvestED Marketplace will allow you to compare actual rates from their lenders based on the borrower’s
or cosigner’s credit history.
FASTChoice will provide you with a range of rates from the lenders on that list after you work
through several pages of information about private 贷款. Then you work with the lenders
you want to contact for the actual rate you would have with them.
学生 are not limited to choosing a lender on either of these sites. 学生
choose a lender that is not on one of these lists will need to provide the lender's
certification form so that we have the information we need to process the loan request.
We share the links to these two tools only as a service to students and parents. We
will cooperate with any lender a student or parent chooses.
We include lenders on our list of preferred lenders of private 贷款 based on their
meeting some or all of the following criteria:
- 学生 have selected a lender in the past have received good service in regard
to such things as timeliness of disbursements, availability of lender representatives
to answer questions, and so forth.
- A lender is willing to offer 贷款 to students who are enrolled at less than half-time
状态.
- A lender is willing to share information for comparison in the INvestED Marketplace
product or Great Lakes’ FASTChoice product.
- A lender is willing to disburse funds and accept returns through Great Lakes’ electronic
disbursement/return system.
Disclosures lenders must provide to borrowers:
- Application and Solicitation Disclosure: Provided when an application is started.
- Borrower Self-Certification Form: BEFORE disbursements can be made, the private loan lender must obtain a completed
and signed self-certification form from the borrower. Normally this form is given
to the student by the lender when the initial Application and Solicitation Disclosure form 发送.
- Loan Approved Disclosure: Sent after credit is approved, this disclosure provides information about the terms
关于贷款. The borrower must actively accept the loan terms within 30 days of receipt
of the disclosure for the loan application to proceed.
- Final Disclosure: Sent after the borrower has accepted the terms 关于贷款 and after the school has
certified the loan amount. The loan funds cannot be disbursed to the school until
up to 7 days have passed from the lender sending this disclosure to the borrower.