Private Loan Programs
Students may find that the combination of federal loans, employment and grants they receive may not cover their entire costs. They may need to pursue other options to finance their education. Students should keep in mind that alternative loans work differently than their federal counterparts.
Basic Info
Overview
Here is some important information on alternative loans:
- Private student loans are credit-based and require a credit check which determines your eligibility and your interest rate.
- Lenders have varying requirements for credit scores. Students who have a co-signer with good credit can sometimes gain approval and/or get a better interest rate than they could on their own.
- Information regarding Private Loan Lenders can be found at: NUHS Fast Choice
All the information provided on NUHS Fast Choice is reviewed annually to ensure that the benefits that the lenders offer continue to adhere to our criteria. Any loan options that no longer adhere to our criteria are removed, and new loan options are added. At least two lenders will be always presented to you. You are free to choose any lender, including those not presented. If you choose a lender that is not presented, please contact the financial aid office. Application processing will not be delayed unnecessarily if you choose a lender not presented.
Getting Started
Calculating Your Allowable Maximum Funds
Eligible students will be awarded private loans. The amount you can borrow in private loan funds is determined by taking your budget and subtracting any financial aid you’ve already been awarded, as listed on your Award Letter.
Your budget includes allotments for:
- Tuition
- Books and equipment
- Living expenses
Your financial aid includes (if awarded):
- Direct Loans
- Parent PLUS loans (for students identified as “dependent” on the FAFSA)
- Scholarships
- College Work Study
For example, if your budget is $35,000 and your financial aid is $30,000, you’re eligible for $5,000 in alternative loan funds.
The lender you select may approve you to borrow more money than you are eligible to receive. The Financial Aid Office is required to complete a certification form for you to return to the lender. This is to certify that you are receiving the allowable maximum from federal aid programs. If you are unsure as to how much you can request, feel free to contact the Office of Financial Aid and a counselor would be happy to let you know the exact amount.
Finding Lenders
Information regarding Private Loan Lenders can be found at: NUHS Fast Choice