Private Student Loans
Source: Private student loans (sometimes referred to as Alternative Loans) are available from private lenders (usually banks or credit unions) and are used to pay for expenses that haven't been met through other sources of aid or family support.
Eligibility: Most private loans are based on a credit rating and since many students have not established a credit history, they will likely require a credit-worthy co-signer. The student's credit (or the credit of the co-signer) is the greatest determining factor in the terms of the loan (interest rate, fees, etc.).
How to Apply: Students will typically apply for private loans directly through the lender's website. Once loan has been approved, Beloit College will be notified directly by the lender to certify the loan. If you have questions about how much to borrow or if you need help calculating your maximum eligibility, please contact the Financial Aid Office. Great Lake Higher Education Corporation (GLHEC), a loan servicer and guarantor, has created a comparison tool called FASTChoice that may be helpful as you explore private loan options. Though not exhaustive, FASTChoice includes lenders that have been used by Beloit College students in the past three years.
Other Information: If you decide to pursue a private loan, you are free to select any lender you choose. We are happy to speak with you on the phone or in person if you have general questions about private loans though we will not advise you about specific lenders. Please think carefully about borrowing decisions and the long-term implications they will have on your finances.