Loans Through Nonfederal Lenders

Private education loans are credit-based loans offered by banks, credit unions, and other lenders to help students and families pay for educational expenses. They may be used to supplement federal financial aid when federal loans, grants, scholarships, and other resources do not cover the student’s costs.

You may borrow up to the Cost of Attendance minus other aid received for the loan period. Unless we are instructed otherwise, we will certify your private loan for the entire academic year.

Private education loans are not federal student loans and generally do not have the same terms, protections, or repayment options. Interest rates and fees vary by lender and may be fixed or variable. Most private education loans require a credit check, and students may need a creditworthy cosigner to qualify or receive a lower interest rate.

Before borrowing a private education loan, we encourage students and families to consider federal student loans first, when eligible. Federal loans generally offer borrower protections and repayment options that may not be available with private loans.

If you are considering a private education loan, compare lenders carefully. Review the interest rate, fees, repayment terms, deferment options, cosigner requirements, and other loan terms before selecting a lender.

You are free to choose any private education loan lender; Rowan University does not require students to use a particular lender.