Private Education Loans
Private education loan funding is available if additional assistance is needed after all federal loan sources have been exhausted.
Non-need-based private loan programs are offered by a variety of lenders and organizations. The interest rates, fees, repayment terms and eligibility requirements of these loan programs vary widely and are determined by each lender based on your credit.
Unlike federal education loans, private loans do not have an income-based cap on monthly repayments. Students are encouraged to carefully review the provisions of the loan to determine which loan programs fit their needs before incurring additional obligations.
Most lenders have very informative websites and we encourage students to research carefully. All private alternative loans are based on credit worthiness and often require co-signers. For most loans, interest will continue to accrue from the date of disbursement and interest payments can be deferred and capitalized.
Questions to consider when borrowing private education loans:
- How much may I borrow?
- What are the fees associated with the loan?
- What are the interest rates and how often will they change (e.g., quarterly)?
- Do I need a co-signer?
- Can I receive a lower interest rate when I apply with a co-signer?
- Can I defer payments while in school?
- What are the terms of repayment?
- Are there any penalties for paying the loan off early?
More information on private education loans can be found at finaid.org.
Loan comparison tools through which you can compare rates and terms from multiple participating lenders side by side based on your credit score are available online:
Pennsylvania Private Loan Marketplace: http://pennsylvania.privateloanmarketplace.com/. Because interest rates and fees on most private loans are tiered, based on your credit score, Widener cannot provide you with useful information about comparative pricing of private loans for you, nor about the likelihood of you being approved without a co-signer.
To assist you however, we have listed below, in alphabetical order those private lenders who have made 5 or more education loans to Widener undergraduate students over the past two years. Please note that you are not required to use any of the listed lenders and will not be penalized or disadvantaged if you choose to borrow from another lender.
|Citizens Bank TruFit Student Loan||www.citizensbank.com/trufitstudentloan|
|Member's 1st FCU||www.members1st.org|
|Sun Trust Bank||www.suntrusteducation.com|
|Trumark Financial Credit Union||www.trumarkonline.org|
|Union Federal Private Student Loan||www.unionfederalstudentloans.com/|