Private loans are available to students and parents. Some lenders even have products that allow other willing people to borrow on the student’s behalf. Students are strongly encouraged to pursue all other types of aid, including federal loans, before applying for a private loan. Grant money is free and federal loans may have a lower, fixed interest rate.
Wabash students and parents borrow from a variety of private lenders. The Financial Aid Office does not recommend any particular lender. As a borrower, you have the option to select any private education loan that best fits your needs. Our office will process a loan application with a lender of your choice, even if they are not included in the comparison tools listed below.
General Information about Private Education Loans
- Private loans may have higher interest rates than federal loans
- Interest accrues while the student is enrolled
- Borrowers must be credit-worthy, or have a credit-worthy co-borrower
- Borrowers can borrow up to the total cost of attendance minus other aid received
- Payments are deferred as long as the student remains enrolled at least half time
Applying for a Private Loan
The tools listed below allow you to compare lenders and rates for multiple private loans. As a borrower, you have the right to select any lender. 亚洲通 will process a loan with the lender of your choice, even if they are not included in the two tools below. If you have any questions regarding the process used to select the lenders included in the INvested Marketplace or in FastChoice, please contact our office.
Once you select a lender, complete the application on the lender’s website. Due to the requirements of private lenders, we recommend that you apply at least three weeks prior to the date you need the loans. You should promptly comply with any requests your lender makes of you.
Disclosures Lenders Must Provide to Borrowers
Student and parent borrowers are required to complete the Private Education Loan Applicant Self-Certification Form. This form ensures that borrowers understand the risks of private student loans and how to exhaust their federal loan eligibility before borrowing private loans. This form is available through the lender's website. Borrowers will need to promptly complete and return any disclosures sent to them by their lender. You may also request this form by emailing the Financial Aid Office at financialaid@wabash.edu.
Additional Information for Private Loan Borrowers:
- Private Education Loans: Information for Students & Families
- Private Loan Checklist: Private Loan Checklist