Private Loan Options
When federal and institutional aid does not provide enough funding to meet all educational expenses, another option available to students is to secure a private loan through a private lender. The financial aid staff at Clarke University has created a list of preferred lenders to simplify this process. Borrowers have the right to choose any lender, not just lenders recommended by Clarke. It is important to understand the difference between private and federal loans as well as differences between private lenders.
By clicking FASTChoice you will be directed away from the Clarke University Website and begin viewing private loan products that are a part of the preferred lending arrangement. FASTChoice is a loan comparison tool offered by Great Lakes Higher Education Corporation, and allows students to compare up to three different loans side-by-side. It is important to remember that some lenders offer more than one loan product, so careful consideration of the lenders and the various loan products is important.
The lenders on the list were selected based on: Borrower benefits (ability to borrow for past due balances, registered less than half-time, ect.), Loan terms and conditions (competitive interest rates, repayment options, ect.), Customer service experience, Previous lending service to Clarke University. This list does not contain affiliated lenders.
Eligibility for private loans is based on credit-worthiness and ability to repay, not on financial need. Most private loans require a co-signer and offer deferment of principal payments while the student is enrolled. Clarke recommends students explore all lending options available if borrowing is deemed necessary.
Once a borrower has been approved for a loan, it is extremely important to complete all the necessary paperwork until the loan can be disbursed. Thus, Clarke University stresses that student borrowers provide lenders with an e-mail address that is frequently accessed, because lender correspondence is done via e-mail and many documents are time sensitive.
Private Loan Considerations
Clarke University urges borrowers to research the following when considering a private loan:
- How do the interest rates and repayment terms vary between federal and private loans and between private lenders themselves?
- Note: Private loan interest rates are determined once the student applies for the loan.
- Do private lenders offer deferments for instances such as job loss like federal loans?
- How reputable and established is the private lender in the student loan industry?
To review the disclosure statements simply enter FASTChoice and the statements are located within each loan product, or contact Clarke's Financial Aid Office at firstname.lastname@example.org or (563)588-6327 to request hard copies.
For a loan repayment calculator click here to help determine appoximate monthly payment amounts.
Please provide us with feedback regarding any positive and/or negative aspects that may have been experienced when working with a particular lender. Feedback can be left at email@example.com.
Click FASTChoice to get started with the private loan process.