Private Educational Loans

Education is an investment in your future, and many students choose to help finance that investment through carefully considered borrowing. When managed responsibly, an educational loan can be a valuable tool for funding your MICA education. Because loans must be repaid with interest, we strongly encourage you to explore all available options and borrow only what is necessary.

Important Considerations Regarding Private Loans

Private loans may carry higher interest rates, and interest may accrue while you are enrolled.
Approval is credit-based and typically requires a good credit history for the student or a qualified co-borrower.
International students on F-1 visas and other non-U.S. citizens, including those who are not eligible to apply for federal student aid, may apply for private educational loans (with an eligible co-signer, if required by the lender).

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.

Credible

Visit Credible, where 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.

FASTChoice

Visit FASTChoice, powered by Great Lakes loan guarantor and processer, which helps you choose the right loan by presenting you with loan details, including eligibility requirements, interest rates, loan limits, and borrower benefits.