Private loans are available for students who are not eligible for federal education loans, or desire to borrow more than the federal loan limits.
As a reference to you, Harvey Mudd College students have borrowed from the following vendors during the past four academic years:
|Private Education Loan||Lender||Cosigner Required?|
|Citizens One Student Loan||Citizens One||Yes|
|Custom Choice Loan||SunTrust||Option available|
|Discover Certified Private Loan||Discover||Depends on credit|
|SELF Loan||Minnesota Office of Higher Education||Yes|
|SESLOC FCU Private Education Loan (only for existing customers)||SESLOC Federal Credit Union||Depends on credit|
|Smart Option Student Loan||Sallie Mae Education Trust||Yes|
|Wells Fargo Collegiate Loan||Wells Fargo||No|
Harvey Mudd students are not required to select a private loan from this list. Students can choose to use any private loan of their choice. Check with your local banks or credit unions.
According to Truth-in-Lending Act requirements, private education lenders are required to provide prospective borrowers with private loan disclosures before they take out a private loan. These private loan disclosures will disclose to prospective borrowers basic information about loan terms and possible costs.
Below are samples of private loan disclosures: