Private (alternative) loans are nonfederal loans, made by a lender such as a bank, credit union, state agency or other entity. Private loans are not federally guaranteed, and the terms and conditions are set by each individual lender not the federal government. While private loans have less regulations and academic requirements, most private loans require an approved credit check before you can be considered for the loan. Lenders may also require or strongly recommend a cosigner in order to approve a loan or provide the best interest rate possible.
A private loan may make sense for you if you are unable to qualify for federal student aid (which includes federal loans), or if you cannot pay for tuition and fees using the Tuition Payment Plan offered by Santa Fe College.* The major benefit of federal student loans is that loan repayment is delayed while in school, and is delayed or adjusted even after school, based on your income. Most private loans do not offer income-based repayment. Some alternative education loans may require payments while you are still in school. Before accepting private loans, you should diligently seek private scholarships and other funding sources. You can learn about more ways to cover educational costs at: http://www.sfcollege.edu/fa/ways-to-pay.
Santa Fe College is not permitted to recommend any specific lender for private education loans. If you feel that a private loan may be best for you, we recommend comparing loan products and lenders to find the best interest rate and repayment options for your situation. While the College is unable to recommend a specific lender, Credible is an online, lender-neutral platform that displays a cumulative list of lenders and education loan products that students can use. These lenders have not been ranked, and are presented in no particular order. Credible’s private loan comparison site is https://www.credible.com/sfcollege.
*Tuition Payment Plan: If you need a payment plan, SF Cashier's office has partnered with Nelnet Business Solutions to offer one. Go to your eSantaFe account and click “View Unpaid Fees”, then click “Pay All” – an option to use the Nelnet plan will be the third selection on the payment page. Contact the Cashier's office if you have questions regarding the payment plan.
Learn more about Private (Alternative) Loans at http://sfcollege.financialaidtv.com/
