Private, or alternative student loans, are credit-based loans available from participating private lenders that help students to cover gaps in the financing of their education.
Private Student Loans may be a viable option for students who 1) are ineligible for federal student loans (Direct Loans, Perkins Loans, Direct PLUS), 2) require additional funding beyond the financial aid that has been offered, 3) owe a balance to the TIU Student Accounting Office for prior year attendance. (Federal legislation prohibits an institution from using federal financial aid funds from a current academic year to pay a prior balance in excess of $200. If you are unable to pay for a prior balance using your own funds, you may wish to explore the option of a private student loan.)
Private student loans should be considered an option of last resort, after all other resources, including federal student aid, have been exhausted. Educational debt should be very carefully considered and limited to amounts needed to fill a gap between cost and other sources of finances.
Terms and conditions of private student loans vary according to the loan providers. Look for differences in interest rates, fees, credit checks, co-signer requirements, loan limits and terms of repayment. Students are encouraged to engage in smart consumerism practices and evaluate each loan product closely prior to choosing a lender. For additional help in knowing how to evaluate lenders, visit Mapping Your Future's Private Loan Guide.
Please note that private student loans are not eligible for loan consolidation programs through the federal government.
Many, but not all, lenders participate in private student loan programs. TIU maintains a historical list of lenders who have provided loans to TIU students within the last 3-5 years. This list, with links to lender websites, is provided for your convenience and is in no way intended as an endorsement of a particular lender(s). Please be aware that you are not obligated to apply for a private student loan, nor are you obligated to choose a lender included on this list. We urge you to consider carefully your decision to take out a private student loan and your choice of a private student loan provider.
Trinity International University has adopted a Code of Conduct, in compliance with sec 487(a) (25) of the HEA of 1985.
More information: Loan Consolidation