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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.

There are many reputable Private Education Loan companies and  MICA provides the following lender tools as a good place to start the search.

Many students start by using the Maryland Student Loan Marketplace 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 the Maryland Student Loan Marketplace you are able to securely submit your personal information only once, and the Marketplace will present personalized loan products and terms for you to sort and compare. The Marketplace keeps your personal information private, so only the lender that you select will contact you.

FASTChoice, powered by Great Lakes loan guarantor and processer, provides data for lenders that do not participate in the Maryland Student Loan Marketplace.  FASTChoice also 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, 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.