Private education loans can be an important source of funding for Eastern Kentucky University students in any of the following situations:
- Student is ineligible for federal student loans. May be due to failure to maintain Satisfactory Academic Progress, less than half-time enrollment, student reached federal aggregate loan limit, etc.
- Student is in need of funding beyond that which federal loan programs permit during an academic year (Note: private loans combined with other financial aid cannot exceed a student’s estimated cost of attendance).
- Student owes a balance to the university from a previous term.
- Student (and cosigner) may be able to obtain a lower interest rate on a private loan than a Federal Direct Parent PLUS or Grad PLUS loan.