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Private Educational
Loan Options
Here is another resource to consider
after other federal, state and institutional student assistance
has been determined. Federal student loans generally provide a less costly
alternative
to private loans. For more information about federal aid versus private
loans, see
Federal Aid First.
These loans are available regardless of financial
need and offer various terms, repayment options, and choice of lender.
Just as you must apply for financial
aid yearly, you apply for a private
loan one year at a time.
Because of a change in the law, lenders will
require student applicants to submit a Self-Certification
Form as part of the application process. The lender will provide
the form to you either on line or in the mail. Obtain the information
needed for this form from your KnowHope Plus Account. Go to the Financail
Aid section, select Aid Awards, Award Year, then Award Overview.
RESOURCES
Hope College
Resource Planner
Questions to ask about private educational loans
Student
Loan Borrower Resource Guide
Current Prime and LIBOR Interest Rates
Private Loan Worksheet
Apply
for need-based financial aid through the FAFSA (http://www.fafsa.ed.gov) for
grants and lower cost loans before resorting to a private
loan.
Understand
the loan terms and benefits of each loan you may be considering.
Most information is readily available
on the lender website, but if you have further questions,
contact the lender directly. It is extremely important
that you are aware of all possible rates, fees, grace periods,
repayment terms, and borrower benefits each lender program
may offer before you make a decision about borrowering.
Hope
students have borrowed from the following loan programs; however,
students may choose any lender that fits their needs.
Private Loan Dates
Private
loan applications require a requested loan period. Use the
following dates, always applying for the full year unless the
student is attending only one semester
- Fall 2009 & Spring 2010:
08/01/2009 to 05/07/2010
- Fall ONLY 2009: 08/01/2009 to 12/18/2009
- Spring ONLY 2010: 12/15/2009 to 05/07/2010
- Summer
2010: 05/10/2010 to 07/30/2010
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