Emmanuel College

images/

Loans & Student Employment

Private Student Loans

Private Student Loans

Before Applying For Private Student Loans

Before considering private student alternative loan options, we recommend that the student first apply for federal, state and institutional aid which includes federal student loans. Students may apply for financial aid each academic year by completing the Free Application for Federal Student Aid (FAFSA).

Back to Top  

Credit Criteria & Interest Rates

Private student loans are designed to assist in filling the gap between the cost of attendance and the student's financial aid award. All private student loan options require credit-worthiness so unless a student has been employed full-time for at least two years and has established a good credit history, it is unlikely a loan will be approved without a credit-worthy co-signer.

Every lender approves loans at different levels of credit-worthiness and offers interest rates (and fees as applicable) in relation to the student applicant's and co-signer's credit-worthiness.

Back to Top  

Co-Signer Release Option & Repayment Terms

Many lenders offer a co-signer release option after a set number of on-time consecutive monthly payments and the student borrower's ability to meet the credit guidelines at the time of the request for release. Additionally, most loans have various repayment options such as immediate, interest only, or deferred with repayment of both the principal and interest beginning six months after graduation or enrollment below a half-time (six or more credits) status.

Back to Top  

Choosing a Private Loan

Students and families are able to borrow a private loan with any lender of their choice and are not required to use any of the lenders listed below. However, to assist students in the process of selecting an alternative loan option, the lenders below responded to our publicly solicited Request for Information for private educational loans.

To create a comparison of payment options, including the payment plan, parent loans and some private student loans, please visit BorrowSmart. Our list has been compiled based upon multiple factors such as interest rates, fees, high-quality customer service, approval rating, and borrower benefits.

Back to Top  

Fixed Interest Rate Loans

Back to Top  

Variable Interest Rate Loans

Back to Top