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Private Educational Loans

A private educational loan features the student as a borrower.  Private educational loans may be more expensive than Federal Parent Plus loans and students should first maximize any eligibility under the Federal Stafford programs.  Private loan fees and interest rates vary among lenders.  All lenders will review the borrower's credit history and most require a cosigner.

Many students start by using the Credible or the Great Lakes loan selection tool FASTChoice.  These private loan comparison tools empower you to take control of the process and make an informed decision in selecting the best private loan for your individual situation.

When using Credible, you can complete one form and easily submit your information to multiple lenders. You will then receive personalized offers. Your personal information is kept private so only the lenders you select will contact you.  Credible provides comparison options for the following lenders - Citizens, College Ave, Cognition Financial, Connext, Discover, IHELP, RISLA and Sallie Mae.

FASTChoice, powered by Great Lakes loan guarantor and processer, helps you choose the right loan by presenting you with loan details, including eligibility requirements, interest rates, loan limits, and borrower benefits. FASTChoice provides comparison tools for the following private lenders - Sallie Mae, Suntrust, Wells Fargo, PNC, Discover, College Ave, and Citizens Bank.

In the current economic and credit market difficulties, private educational loan companies are in a state of change. Make sure to check all lenders' websites for the most current information regarding credit criteria and interest rates.

If you have any questions, please contact Heather Steall in the Financial Aid Office at 410.225.5261, hsteall@mica.edu.

This page was last updated on 11/07/2017.