Private education loans are non-federal loans offered by private lending institutions to help bridge the gap between your educational costs and available federal and state grants and federal student loans. These loans are credit based loans in the student's name and requires established credit or a co-signer. Private loans differ with each lender so it is important that you consult with the lender for the terms and conditions specific to the loan program you are considering.
General Information about Private Education Loans:
o The loan is in the student's name.
o The loan is credit based and may require a co-signer.
o Student must be at least 18 years old, US citizen or eligible non-citizen.
o Students may borrow up to the cost of attendance.
o Interest rates are based on an index such as LIBOR or PRIME plus an additional percentage depending on the credit score of the borrower and/or co-signer.
o Payment periods usually range between 15 or 20 years depending on the amount borrowed.
To assist families with researching lenders, Shawnee State University provides a list of lenders through FASTChoice. This list does not include all private loan lenders available and students are free to research and select lenders not included on this list. This list contains lenders that have provided private education loans to Shawnee State University students over the past few years.
Shawnee State University, the Financial Aid Office and staff do not endorse or support any lender or private loan program. Nor do we endorse or support Great Lakes FASTChoice or their website. SSU is not responsible for the information contained on or through the Great Lakes website.
For more information or questions regarding private education loans, please contact the Financial Aid Office at (740) 351-4243.
Always Borrow Conservatively!