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Private Loans

Several private outside agencies offer students alternative sources for financing their education. Unlike federal loans, the terms of private loans are set by the individual lenders. The interest rate and fees are determined by your credit history, your debt-to-income ratio and that of your co-signer. The interest rates for private educational loans are variable and are most often based on a range using SOFR (Secured Overnight Financing Rate) or the London Interbank Offered Rates (LIBOR) as a base and add an additional percentage based on the borrower's credit. The current Prime and LIBOR rates are available at the Federal Reserve Statistical Release.

Before deciding on a lender, here are some questions you need to ask:

  • How soon will I enter repayment? Are interest-only payments required during enrollment?
  • How often is the interest capitalized? (The frequency of capitalization will increase the total loan amount that you must repay because you will be charged interest on a higher principal loan.)
  • If I use a co-signer, can I receive a better rate?
  • How will the rate formula (interest and fees charged) change in repayment?
  • What will my monthly payment be on this loan amount when I am in repayment?
  • What kind of borrower benefits does the lender offer? (interest rate reductions with automatic withdrawals, principal reduction with a certain number of on-time payments)

This lender list was created simply as a starting point for students as they begin their research. It is ultimately the student's decision to select a private education lender. Students are encouraged to investigate these options very cautiously and thoroughly. The Office of Financial Aid will process a loan with any lender you have selected regardless of their inclusion on this list provided you are eligible for the loan.  The maximum loan amount your financial aid office can certify is the cost of attendance minus any other aid received.

Considerations before applying

Before applying for these loans, it is important for you to ensure that you have reviewed all your federal loan options and eligibility. Prospective borrowers should note that they may qualify for loans or other assistance under the federal Title IV programs and the terms and conditions of loans under the federal Title IV programs may be more favorable than those of private education loans. Federal loans generally have better benefits and lower, fixed interest rates. For dependent students, we encourage you to consider the Federal Parent PLUS loan before applying for a private loan. Students are encouraged to review the Department of Education's information on Federal Versus Private Loans and speak to their financial aid office to learn about the Federal Loan programs before you apply for a private educational loan. Undergraduate students applying for federal financial aid may also be eligible for a Federal Pell Grant.

List of lenders

The loan programs and lenders listed here are provided to help you start your research. You are not required to only borrow from these options. The lenders included in this lender information were selected because they are frequently used by members of the Marian University student population. In addition to the links below, these lenders, and others, may be found using our FastChoice tool.

Additionally, we chose to list the lenders below based on a review of competitive interest rates and fees, quality of loan servicing, and borrower benefits. Please contact the lender directly for more information. The links below take the student to each lender’s website.

In addition to the links below, these lenders, and others, may be found using our FastChoice tool.

Marian University's Office of Financial Aid adheres to the Code of Conduct as established by the Higher Education Opportunity Act as well as the National Association of Student Financial Aid Administrators' (NASFAA) Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals. View Marian University’s Financial Aid Code of Conduct Policy.

Another option for finding a private loan provider is to use a student loan marketplace to identify lenders.  A marketplace allows the entry of personal data once, and then participating lenders display potential loan options that can be applied for. Two such marketplaces are

Your private education lender will require you to complete a Private Education Loan Applicant Self-Certification Form. You should use the version the lender provides as it may contain pre-populated information.  For applicants receiving other forms of aid: Information necessary for completing this form, such as cost of attendance and financial assistance received, is available to you by contacting the Office of Financial Aid. 

Because this list is large, we have provided a few smaller lists generated off the complete list based on specific borrowing needs.

Loan programs for international students (US co-signer required)

Please note that most lenders require students to be residing in the United States at the time of disbursement. Lenders may also require an I-20 to apply, so these loans may not be a viable option for new students. Be sure to check with individual lenders for their specific policy.

Loan programs for half-time students

Loan programs for less-than-half-time students

Loan programs for non-degree/certificate seeking students

Loan programs to cover recent past due balances

Loan programs for graduate programs (including health professions)

Residency and relocation loan programs

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