What Are Private Educational Loans?
• Private educational loans are offered by private lenders (who have no relationship with Columbia College Chicago) to assist parents and students with educational and living expenses. Private educational loans frequently have higher interest rates and origination fees than federal educational loans, making them more costly. You should consider this option only after exhausting all federal, state, and institutional financial resources. Therefore, we strongly encourage all students to first apply for the Free Application for Federal Student Aid (FAFSA) before utilizing these loan programs. • If no other financial resources are available to bridge the financial gap, research all loan options before choosing a private educational loan. It is important to keep written records of all forms, applications, and correspondence with your lender, especially regarding discounts and special incentives, for the entire life of your loan(s). • In order to increase protection for our student loan borro
