Loans

Private Educational Loans

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Private Educational Loans
A private educational loan features the student as a borrower. Private educational loans may be more expensive than Federal Direct Parent Plus loans and students should first maximize any eligibility under the Federal Direct Loan programs. International students on F-1 Visas and other non-us citizens, including those not eligible to apply for federal student aid are eligible to apply for private educational loans but not Federal Direct Loans. We encourage you to explore your options by using the Fast Choice or Credible tools below.

Private loan fees and interest rates vary among lenders.  All lenders will review the borrower's credit history and most require a cosigner.

Many students start by using the Credible or the Great Lakes loan selection tool FASTChoice.  These private loan comparison tools empower you to take control of the process and make an informed decision in selecting the best private loan for your individual situation.

Credible

Visit Credible, where you can complete one form and easily submit your information to multiple lenders. You will then receive personalized offers. Your personal information is kept private so only the lenders you select will contact you.

FASTChoice

Visit FASTChoice, powered by Great Lakes loan guarantor and processer, which helps you choose the right loan by presenting you with loan details, including eligibility requirements, interest rates, loan limits, and borrower benefits.

Staying Up to Date

In the current economic and credit market difficulties, private educational loan companies are in a state of change. Make sure to check all lenders' websites for the most current information regarding credit criteria and interest rates.

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