Private Education Loans


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Private Education Loans

Financing a college education is a concern for many families. Most financial aid packages will include student loans; however, federal subsidized and unsubsidized loans may not cover the total cost of college expenses. Consequently, families are faced with the challenge of meeting the cost of their expenses.

Private student loans (also known as alternative student loans or personal student loans) can provide students with additional funding for unmet college expenses and help you pay for college, generally at better interest rates than other lines of credit. You should only use private student loans as supplemental funding after you have exhausted all other sources of financial aid, including grants, scholarships, and federal student loans. As with any student loan, be conservative and only borrow what you absolutely need.

Students should only consider obtaining a private education loan if they have taken out a Federal Stafford Loan first. Students are encouraged to file the Free Application for Federal Student Aid (FAFSA) to exhaust all eligibility for federal funds before applying for private loans. They should file the Free Application for Federal Student Aid (FAFSA), which may qualify them for grants, work-study and other forms of student aid. Once a student has used up all other financial aid choices, a private student loan is a credit based loan supplied by a lender to help students to pay for the costs necessary for their education. Tuition, books, and living costs may also be expenses for financial aid. If the funds cause a credit on the student's account, the finance office will send a refund check or electronic deposit.

Private loans are not federally guaranteed and require a good credit rating and/or credit worthy co-signer. The annual amount cannot exceed the cost of attendance minus other financial aid. Aultman College does not endorse any lender or lending institution. We will process a private education loan from ANY lending institution.

View a comparison of federal direct loans versus private loans

 To assist you in your search, we do recommend using FASTChoice. FASTChoice is a private loan selection tool that helps students make a wise choice regarding borrowing a private loan. FASTChoice allows you to compare lender rates, terms, and benefits. Please note that all lenders do not provide the same benefits, terms or rates.

 Aultman College selected the FASTChoice lender option for the following reasons:

·         History of providing excellent customer service to Aultman College students

·         Competitive interest rates

·         Offer multiple loan products and incentive programs

·         Extended repayment terms are available

·         In-school deferment options

·         Six month grace period before repayment

·         Fast and easy online application

·         Funds are sent via Electronic Funds Transfer

 

Aultman College adheres to a Financial Aid Code of Conduct to prevent conflict of interest between Aultman College of Nursing and Health Sciences’ lender relationships and their responsibilities to students, the College, and its organizations (e.g., alumni). This policy upholds the Higher Education Opportunity Act and the Student Loan Sunshine requirements as required by educational institutions receiving Title IV funds.

COMPARE LENDERS AND APPLY FOR A PRIVATE LOAN ON FASTChoice

Additional information on private educations loans can be found at http://www.finaid.org/loans/privatestudentloans.phtml

Pursuant to Section 155 of the Higher Education Act of 1965, as amended, (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a self-certification signed by the applicant before disbursing a private education loan. The school is required on request to provide this form or the required information only for students admitted or enrolled at the school. Throughout this Applicant Self-Certification, “you” and “your” refer to the applicant who is applying for the loan. The applicant and the student may be the same person.  Private Education Loan Applicant Self-Certification

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