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Loans

Compare the features of the various alternative loan programs. Loan information pertains to a $10,000 loan given in the first year to student who defers repayment while in school for 4 years (if deferment is permitted). The displayed rates are effective as of the date shown below in the comparison chart. The interest rates are updated periodically. See our information about how interest rates are calculated to learn what is involved in calculating interest rates. Amortization of accumulated amounts at time repayment to determine monthly payment can be performed on-line using a loan amortization calculator.

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Private Financing
Before choosing a financing program or a combination of programs, your family should review all the options and decide on the most suitable approach to financing the cost of education. Whatever approach your family prefers, a careful comparison of the programs will help your family make an informed choice.Compare the repayment provisions and the repayment period. Check to see if the loan has provisions for deferred repayment of principal, or principal and interest and, if so, under what conditions. Deferred interest is always capitalized, i.e., the amount is added to the principal balance, resulting in a more costly loan. A longer repayment period allows for lower monthly payments but results in a higher overall interest cost. Some lenders will reduce your interest rate if you make a certain number of on-time payments. Other lenders will reduce your interest rate if you have your monthly payments debited from a checking or savings account.

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What should I look for in an alternative loan?
Lenders use credit scores to make fast and objective decisions on which applicants are likely to repay their loans on time. Credit scoring is calculated using many pieces of your past bill payment history (number and types of accounts, late payments, outstanding debt, and the age of your accounts). The way you managed credit in the past is often a good indication of how you will manage credit in the future. Therefore, your credit score is like a snapshot of you level of credit risk at a particular time. When you credit information changes, so does your credit score.

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