Private loans provide an additional or alternative source of funding but can have a much higher interest rate than Federal Direct Loans.
Please carefully consider exhausting all Federal loan options before borrowing an Private loan. Selecting a lender is an important decision as you will be working with your loan provider for the life of the loan. Take the time to compare Private loans before you apply.
- Apply for Financial
All students must complete the Free Application for Federal Student Aid
(FAFSA). You may apply online at www.fafsa.ed.gov.
- The Amount you
The Financial Aid Office will determine the maximum amount you may borrow
for your attendance at Clark College. The College will notify your lender
with a process called 'certification'. Your costs will be determined by
adding up the expenses related to college attendance, then subtracting
any financial aid (grants, scholarships, veteran's benefits, agency funds, Direct
Loan funds, or other assistance) you have to help pay for college. The
difference is the amount you can borrow in an Private
loan. For example:
- Satisfactory Academic
To be eligible for a Private loan you must satisfactorily complete credits of enrollment, maintain a 2.00 GPA, and make timely progress towards a degree. The borrower must also be enrolled at least halftime to receive a Private loan.
more information on this policy, go to Satisfactory Academic Progress Policy.
- The borrower/student chooses a lender for this loan.
- Private loans are not guaranteed funds.
- Co-signer is often required. Borrower and/or co-signer credit checks may be required.
- Loan periods should match our regular academic terms (Summer, Fall, Winter, Spring).
- Contact your lender directly for all status updates and information.
- Borrowing maximums and minimums, interest rates, and fees vary with each lender and change often. Your credit rating, academic level, employment status, and status of co-signer can affect these.
- Tuition must be paid BEFORE funds are received on the Clark Debit card.
Clark College does not recommend lenders or use preferred lender lists. Choose your lender and complete their Private Loan application process.