Private Student Loans
Private student loans are financing options for education that can either supplement
or replace federal student loans. Private student loans are offered by many banks
and credit unions.
Interest rates, repayment plans and other conditions can vary between lenders so it
is important to research private student loan options carefully.
Annual Amount
- Up to cost of attendance minus other financial aid (loans, scholarships and federal work study) awarded.
Rates and Fees
- Variable and fixed rates available.
- Rates vary by lender and credit worthiness.
- Having a good credit rating and/or using a credit‐worthy cosigner may dramatically
decrease your loan interest rate.
- Discuss details and conditions with lender.
Grace Period
- Varies by lender
- Many allow up to six months after student graduates or ceases to be enrolled at least
half-time.
Notes
- Credit check required.
- Having a co-signer can dramatically improve your interest rate.
- Discuss details and conditions with lender.
Preferred Lender List
- PCOM uses the FASTChoice web tool to host our preferred lender list.
- PCOM maintains a preferred lender list in order to provide a comparison of selected
lenders in relatively consistent terms. This helps assist borrowers to make well-informed
decisions regarding education debt.
- PCOM students have the right to select the lender of their choice, regardless of the
lenders presented on our preferred lender list. The PCOM Financial Aid Office will
process any approved private student loan for a student.
- The preferred lender list review committee within the Office of Financial Aid gathers
and considers information on all available private student loan lenders each calendar
year. In considering which lenders are represented on our preferred lender list, the
committee evaluates lenders based on the following criteria:
- Interest rates and borrower fees.
- Cosigner requirements.
- Repayment options.
- Quality of the customer service of the lender.
- Additional benefits beyond the standard terms and conditions such as cosigner release
and deferment options.
Private Student Loan Resources
