Can I use a private education loan to pay for tuition and fees?
Students who are not eligible to receive a federal Stafford loan can opt to request a private education loan through a lender of their choice. Private education loans require the school to certify the loan amount based on the students cost of attendance. Private lenders still require students to be enrolled at least halftime (6 credit hours). Private loans should be utilized as a last resort to assist students who are not eligible for federal aid with charges as private loans are credit based have variable interest rates that can be changed at any time. Private loans also require payments while a student is enrolled. NOTE: Students who take a private education loan will NOT receive the loan funds until after drop/add for a students term. Students are responsible for paying account charges up front. Class schedules are not held based on private education loans.
Related Questions
- Fall tuition is due the first week of August. How do I use private or PLUS loan funds to help pay my tuition bill if the funds are not disbursed until the week before classes begin?
- I have applied for, but not yet been informed that I am getting, the tuition fee loan - can I still enrol at University? Will I have to pay my fees myself before I get the fee loan?
- Why would I want to pay private college tuition when the same education is available at a public school for a lot less?
