Be aware that the private loan application process will take a minimum of 30 days to complete.
Apply early and plan ahead.
You should always use any federal loan eligibility available to you before borrowing a private education loan.
Private education loans are consumer loans made to individuals to help pay for college. They are provided by for-profit and nonprofit lending organizations and are not backed by the federal government. Lenders offer private education loans with different interest rates, fees, repayment terms and approval requirements. We suggest that you carefully review each private education loan program to compare the terms and conditions before deciding which loan may be appropriate for your needs.
Most programs allow borrowers to delay payments during school and offer hardship deferments during repayment. These options often increase the total amount you will pay, because interest charges will accrue during deferment periods. Most private education loans require a cosigner (a person who promises to become legally responsible to pay your debt if you fail to do so). If you are considering a variable rate loan, understand that rate changes may not be in your favor and could result in an increased monthly payment.
Castleton University has not reviewed the loan programs for lenders offering private education loans. If you feel you need to apply for one, you can use web based comparison tools to look at different options. In addition, some state non-profit agencies offer private loans (and may not be listed on these websites) so you can call or visit your state agency website to see if they offer a private loan. Your local bank or credit union may also offer a private education loan. Because Castleton University does not keep a suggested lender list for private education loans we do not recommend one lender over another.