Private loans are bank loans for educational expenses and are not insured by the government.
Private loans are made by a bank or lender (not the U.S. Department of Education), and many programs allow students to borrow up to the cost of attendance minus any financial aid received (including federal student loans). Terms of repayment vary depending upon the lending institution.
Lenders may perform a credit check to determine credit worthiness (income, employment, residency, etc.) before approving these loans. Some students may need a co-signer.
Because interest rates may be higher for private loans, it may be beneficial to complete a FAFSA to apply for and determine eligibility for federal loans first, then borrow only what you need to pay the balance of your education costs.
Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans are not required to provide.
If you are interested to learn more about private loans speak to your DeVry University Student Finance professional. For more information on specific private loan programs contact the lender of your choice. Note that you are not limited in your choice of lenders - feel free to shop around. See below to learn about the application process.
The Application Process:
1. Submit your FAFSA. If you have not submitted your FAFSA, visit fafsa.ed.gov.
2. Review your estimated financial aid awards with your DeVry Student Finance Professional.
3. Determine how much you need to borrow in each loan program.
4. If you have remaining costs that are not covered by the financial aid or other grants or scholarships, you may want to consider a Private Loan. Remember to borrow wisely, and borrow only what you need for educational expenses.
5. When you apply for a private Loan, there is a credit check process, so your loan approval, subsequent interest rate and loan fees (if applicable), are based on your credit status.
DeVry University does not make any recommendations regarding lender selection. The lenders below are listed in alphabetical order, and therefore do not indicate any sort of rank or preference. Students are encouraged to review each lender’s terms and conditions before selecting a lender. Lender terms and eligibility criteria sometimes change, and while all of the lenders listed below currently provide loans to DeVry University students, they may not always do so. Students may choose to borrow from one of the lenders listed in the attached or from any other lender.