Private Loan Options
Sometimes federal and institutional aid does not provide enough funding to meet all educational expenses. Therefore, another option available to students to pay for education expenses is to secure a private loan through a private lender. Although numerous private lenders offer loan products the financial aid staff at Clarke University has created a list of preferred lenders to simplify the search process. Borrowers have the right to choose any lender, not just lenders recommended by Clarke University. It is important to understand the difference between private and federal loans and differences between private lenders. Clarke University urges borrowers to consider the following when considering a private loan:
- How do the interest rates vary between federal and private loans and between private lenders themselves?
- How do repayment terms differ between federal and private loans?
- Do private lenders offer deferments for instances such as job loss like federal loans?
- How reputable is the private lender?
- Is the lender an established lending institution with a solid history of providing student loans?
To view the list of preferred lenders, the criteria used to select the lenders, an overview of each loan option, and other information click here.
As required by the Truth in Lending Act (TILA) disclosures provided by each lender can found by clicking on each lender name: Discover Student Loans, Iowa Student Loan (Iowa residents click here and non-Iowa residents click here ), SallieMae, U.S. Bank, and Wells Fargo.
For loan repayment calculators, click here.