Private Education Loans
Private Loan Options
Private education loans provide an alternative source of funding to pay for a student’s educational expenses. However, they may have a much higher interest rate than Federal Direct Loans. Please consider utilizing all Federal loan options before borrowing a private loan.
Clark College does not recommend lenders or use preferred lender lists. You’ll need to independently choose your lender and complete their application process.
Selecting a lender is an important decision as you will be working with your lender for the life of the loan. Take the time to compare private loan options before you apply. 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 the terms of a private loan.
Apply for Financial Aid
It is highly recommended that all students, including those who are borrowing private education loans, complete the Free Application for Federal Student Aid (FAFSA).
Eligibility and Borrowing Limits
Private loans are not guaranteed funds. The Financial Aid Office will review your private loan application and determine the maximum amount you may be eligible to borrow for an aid year, then notify your lender. The maximum loan amount you can borrow is the cost of attendance minus any other financial assistance received.
Enrollment and Satisfactory Academic Progress Requirements
To be eligible for a private education loan, most lenders require that you must be enrolled at least half-time (6 credits). Additionally, some lenders require that you meet Satisfactory Academic Progress each term. Please contact your lender directly for details on their eligibility criteria.
Please contact your lender directly for all status updates and information.
For private education loan concerns, please contact the Consumer Financial Protection Bureau.