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Who Should Apply For A Private Education Loan?

Private education loans can be an important source of funding for students in any of the following situations:

  1. 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.
  2. 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).
  3. Student owes a balance to the University from a previous term.
  4. 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.