PRIVATE EDUCATIONAL LOANS
A Private Educational Loan is designed to assist students who are in need of additional educational financing. A loan approval is generally based on creditworthiness and ability to repay. The primary borrower for a Private Educational Loan is the student; however, most dependent students will require a cosigner. The interest on most Private Educational Loans accrues while you are in school and can usually be deferred until you graduate or when you cease to be enrolled at least half time. You may apply on-line for these loans. Each bank will offer additional information on their websites.
The interest rate on most Private Educational Loans is variable. Interest will accrue on an Private Educational Loan if not paid while the student is in school. Please check the interest rates of each competing loan.
Upfront fees are charged when you receive the loan. These fees may also be called “guarantee,” “origination,” or “administrative” fees. You should look for a loan that charges low or no fees.
Repayment terms vary for Private Educational Loan, but most allow up to 10 years to repay.
With most Private Educational Loans, you may borrow up to the cost of education minus any other financial aid you are (or will be) receiving for the academic year. The cost of education includes tuition, fees, books and supplies, resident hall charges, transportation and miscellaneous expenses. For students who are in need of a Private Educational Loan to cover a back-balance, you may borrow up to the amount owed.
If you choose to defer interest payments on your Private Educational Loan, you will be capitalizing your interest charges. Capitalization is a process whereby a bank adds unpaid interest to the principal balance of the loan.
A Self Certification Form is a federal requirement for all students borrowing a Private Educational Loan. The lender will provide this form to you or it may be a part of the application process.
The fastest way to apply for a Private Educational Loan is to submit an on-line application to the bank of your choice.
After You Apply
After you apply on-line, the bank will do a credit check and will notify you if you were approved or denied. If approved, the bank will notify you of the amount that you are eligible to receive. The bank will also notify Student Financial Services to have your loan certified if you are approved.
Selecting A Bank
You have the right to select any bank you wish when applying for a Private Educational Loan and Student Financial Services will process the paperwork for any Private Educational Loan you apply for. A sample listing of Private Educational Loans is listed below. It is made available to students who need additional funding for educational expenses or for those students who need to satisfy a back balance.
New Jersey Higher Education – NJ Class Loan (NJ Residents Only)
Suntrust Bank - Custom Choice Loan - Fixed or Variable Interest Rates
Pennsylvania Private Loan Marketplace
Once you and your family have considered Chestnut Hill College's financial aid and federal loan options, you can use the Pennsylvania Private Loan Marketplace to instantly and accurately compare rates and terms from multiple private loan lenders side-by-side. This will help you make an informed decision about the most appropriate loan for you.
The Marketplace displays products from local and national lenders, complete with detailed listings of APRs, interest rates, total cost, monthly payments, borrower benefits, fees and repayment options.