After you have considered all federal loans, you may also be interested in applying for a Private Loan for Education. A private loan is a credit-based educational loan. Terms and conditions are set by each individual lender, so students should shop wisely for their lender. Students unable to qualify on their own may need to obtain a co-borrower/co-signer. Students may borrow up to their Cost of Attendance budget, less any other financial aid funds and resources received.
Students have the following rights relating to private/alternative loans—
- The right to select any lender even though it may not be included on the Prescott College Lender List
- The right to comparative information regarding interest rates and other benefits included on the Prescott College Lender List
- The right to prompt certification of any loan, irrespective of lender choice
- The right to inquire as to how the lenders on the Prescott College Lender List were chosen
Private Loan Lender Lists
Prescott College objectively evaluates all prospective private educational loan lenders on an ongoing basis. Lenders chosen may be subsequently removed for failure to adequately serve the needs of students.
Prescott College staff will make parents and students aware of their option to choose any lender. This choice will be clearly communicated via the financial aid website and whenever a parent or student inquires about student lending options.
Prescott College will process all loan applications regardless of lender choice. All applications will be processed in as timely a manner as possible.
Reference the link below for a list of private lenders to compare rates and review options.
Some lenders offer options such as:
·The ability to borrow money up after the enrollment period. This can help students pay off past due balances
·Ability to borrow while enrolled less-than half-time.
·International Students and DACA students
·Ability to borrow with a co-signer (which may qualify the borrower for lower interest rate).
Look for these and other options for each lender by clicking the “details” button on each lender’s options listed on the ELM Select Private Lender Lists.
Other Important Information Regarding Borrowing
Students should first complete the FAFSA so that eligibility for the federal loan programs (Federal Direct, Parent PLUS, and Graduate PLUS) can be determined before considering a private educational loan. Students who apply for a private loan prior to having federal loan eligibility determined will be asked to complete a FAFSA.
Students should only borrow what they need and should carefully scrutinize whether they should borrow the full amount of what was offered in their award letter.
Prescott College partners with various organizations in an effort to best serve our students’ needs with respect to student borrowing. These organizations include lenders who offer private educational loans. In establishing and maintaining these relationships, faculty and staff should always be cognizant of what is in the best interest of our students. In this regard, faculty and staff are expected to maintain a commitment to exemplary standards of professional conduct and ethical behavior.