Private Education Loans

If you will have education costs not covered by federal loans, scholarships, or other sources of financial aid, you and your family may want to consider a private loan.

These additional loans are not listed in your award package. You may choose to apply for them based upon your individual need.

Private Loan Information and Resources

Private Loan Considerations

Private education loans are issued in the student’s name and generally require a creditworthy cosigner. Both parties are responsible for repayment.
Loan rates, fees, terms, and repayment start date vary from lender to lender. Interest rates may be fixed or variable. Students and families are encouraged to carefully compare loan terms before borrowing.
Loans must be reapplied for each year. Students should borrow enough to cover both semesters to avoid two loan applications and two credit approvals.
If you need assistance determining how much to borrow, contact the Office of Student Financial Aid.

Private Loan Lenders

You are free to borrow private student loans from a lender of your choice. Below is a list of some lenders Saint Michael’s College undergraduate students have used, listed alphabetically. The College does not have preferred lenders, and there are many lenders you could use that are not listed here.