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There is a large number of private
commercial education loan options available to assist students and families in meeting college costs.
Before you consider a private educational
loan (often called an "alternative" loan), we recommend you determine your eligibility for federal
student loans, which generally have better terms; more information about federal student loans at federalstudentaid.ed.gov/federalaidfirst/index.html.
Just like any other student loan, borrowers
should consider a number of factors before applying for a
private educational loan and are encouraged to review Division of Financial Aid loan
counseling information.
General Information
- Private educational loans are usually higher interest programs with interest that accrues while the student is in school.
- Students
(or co-borrowers) must have a good credit history to obtain
private educational loans.
- Most lenders require that you be enrolled at least half time in a degree-seeking program (dependent on the lender)Purdue will certify your loan up to the cost of attendance less other aid.
- Depending on the private loan lender, it is possible to apply for private educational loans for prior loan periods (retroactively) after the end of the loan period
Private Educational Loan Programs
Purdue University recommends borrowers compare and research various private educational loan programs available in the marketplace; a good place for research is at www.finaid.org/loans/privatestudentloans.phtml.
The Sallie Mae Signature Student Loan is a commonly used program at Purdue for undergraduates and graduate students to
supplement federal student loan eligibility. Graduate students
seeking an MBA commonly use the Sallie
Mae MBA Loan program. To apply for a Sallie Mae Signature Student Loan or Sallie Mae MBA loan you may log in to the Purdue/OpenNet site. Within the online application, be sure to indicate one of the following loan periods: Academic Year (Aug-May), Fall Only (Aug-Dec), Spring Only (Jan-May), or Summer (May-Aug).
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