You (and your spouse, if applicable) have the primary responsibility of paying for your higher education. However, in the event that you do not have the resources to cover all of your educational costs, there are other potential resources that you should explore.
Private Loans
Many lenders offer loan programs for students who are unable to finance the entire cost of their education with traditional forms of financial aid or other resources. These loan programs, often called private or alternative loans, are not need based. However, other financial aid is taken into consideration when determining the maximum private loan amount for which a student is eligible. These loans are credit-based, meaning that the lender will review a student’s credit report when determining eligibility. Generally, a student with an adverse credit history may be denied.
Private loans are not guaranteed or subsidized by the federal or state government. Private loans have variable interest rates that are not capped. Most lenders allow students to defer payments while they are in school. However, interest will accrue during the deferment period. Repayment generally begins six to nine months after the student graduates or ceases to be enrolled. Loan terms will vary from lender to lender. Please contact your chosen lender for specific loan terms.
In order to receive private loan funds, you must apply directly with a lender. You can apply online.
Please be aware that if you are an international student, most lenders will require a U.S. citizen to co-sign the loan with you.
Other Resources
These websites provide information about scholarship funds that may be available:
 As you begin your search for possible scholarship funds, please beware of scholarship scams. Some organizations pretend to be various graduate or professional school providers. They may have credible sounding names, but be aware of these warning signs:
- They ask you for money to help you search for a loan or scholarship
- They ask you to attend a seminar to learn more about their programs
- They tell you that you’re guaranteed to win their scholarships
- They claim an impossible high success rate (they are most likely providing financial aid in the form of a loan, not a scholarship)
- They request unusual personal information, such as a bank account, credit card number, or social security number
- The do not offer a phone number or street address
Securing a scholarship or grant should never cost you money, should never require you to attend a seminar, and is not ever guaranteed. If you have any doubts, don’t use the service. If you would like more information about scholarships scams, please visit the Federal Trade Commission’s Scholarship Scams website, where you can also report suspicious organizations. |
