Private/Alternative Loans | 51风流
- Private loan programs for students through a lending institution
- Carroll recommends exhausting all Federal loan options first by completing the FAFSA form ()
- Loan is always in the student's name
- Student will most likely need credit worthy cosigner
- Approval based upon credit check
- Interest starts accruing at the time of disbursement
- Most do not require repayment while student is enrolled at least half time
- Most lenders will borrow to international students if they have a credit worthy cosigner who is a U.S. citizen
Annual maximum
- Up to student's cost of attendance minus other financial aid
- Each individual lender may have minimum/maximum amounts
Interest rate
- Based upon credit rating of borrower and cosigner
- Variable and Fixed rate loans available
- Determined by lender
- Will be notified of interest rate before you finalize loan
Fees
Applying for private/alternative loan
- Student should complete the Free Application for Federal Student Aid (FAFSA) at to exhaust all Federal loan options first as those may be more favorable than a private loan
- Select a lender
- You can choose any lender that processes alternative/private loans, you are not limited to those on our list
- Read through the Borrowing Essentials to gain knowledge about financing your education
- Compare the different lenders and their terms
- Click the "Apply Now" button next to the lender you select
- Apply for the loan directly with the lender at their website
- Lender will contact Carroll to verify the amount you are requesting and that you are attending Carroll
- The United States Congress recently mandated that private loan lenders require borrowers to complete a Self-Certification form when requesting any private educational loans. Do not submit your self-certification form to Carroll, return it to the lender you are applying with. Download a Self-Certification form.
- Funds will be disbursed directly to Carroll and credited to your Business Office account
- If you have a credit balance on your account, the Business Office will issue you a refund
Private loan repayment
help students to understand private loan repayment and consolidation options.
Private education loan disclosures
In accordance with The Higher Education Opportunity Act (HEOA), Title X section 226.48(f) and Truth in Lending Act (TILA), individual lender disclosure statements required for the private lenders currently listed on 51风流's Lender List are available on or upon request.
