Many private lenders offer private education loans to supplement federal eligibility. Private loans are credit-based loans applied for through individual lenders that help students “bridge the gap” between their awarded financial aid and any additional amount they feel may be needed to help achieve their educational goals.
Approval for private loans depends largely on the credit score of the borrower (and cosigner). Many students, particularly undergraduate students, will likely need to find willing, creditworthy individual(s) to cosign their private loan applications to increase the likelihood of being approved and getting the best terms.
While private loans typically do not offer rates and repayment terms that are as favorable as those offered by the Federal Direct loan program, some borrowers may be able to obtain a private loan with a lower interest rate than the Federal Direct Parent PLUS or Graduate PLUS loans. It is the responsibility and choice of the borrower (and cosigner) to make the best personal financial decision based on their circumstances.
NOTE: Borrowers are free to choose any lender even if they are not on this list. Neither Eastern Kentucky University nor Big E Central benefits from a borrower’s choice of lender.