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 lenders during the past four academic years:
|Private Education Loan||Lender||Cosigner Required?|
|Ascent Tuition Fixed Loan||Richland State Bank||Option available|
|California BPW Education Fund Loan||California Federation of Business and Professional Women||No|
|Citizens One Student Loan||Citizens Bank||Yes|
|Citizens One Student Loan for Parents||Citizens Bank||No|
|College Avenue Student Loan||College Avenue||Yes|
|Discover Undergraduate Loan||Discover||Depends on credit|
|MEFA Loan||Massachusetts Ed Financing Authority||No|
|RISLA Parent Loan||Rhode Island Student Loan Authority||No|
|SELF Loan||Minnesota Office of Higher Education||Yes|
|SoFi Private Loan||SoFi||Option available|
|Smart Option Student Loan||Sallie Mae Student Loans||No|
|Wells Fargo Collegiate Loan||Wells Fargo (*will not be available after January 28, 2021)||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: