Non-Federal 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. Rates, amounts, periods, and other conditions can vary greatly between lenders so it is important to research private student loans 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.
  • Usually no loan fees.
  • Discuss details and conditions with lender.

Grace Period

Varies by lender; many allow up to six (6) months after student graduates or ceases to be enrolled at least half-time.


  • Credit check required.
  • Having a co-signer can dramatically improve your interest rate.
  • Discuss details and conditions with lender.

Preferred Lender List

PCOM chooses to use 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 and ability 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 PCOM's 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.

Helpful Private Student Loan Resources

FASTChoice PCOM chooses to use the FASTChoice web tool to host our Preferred Lender List.
Private Student Loans PDF Review important questions students should ask when researching private student loan options with our helpful PDF.
Review our PLUS vs Private Loans page to compare the federal Graduate PLUS loan to private student loans.

PCOM students should always consider any Federal Student Aid options before considering a private student loan. Federal Student Loans typically have more favorable terms and conditions compared to private student loans. Please discuss any questions you have with a financial aid counselor.