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Suggestions for Reviewing Private Loan Options

Private education loans are often used to close the gap between educational cost and the amount of federal assistance you have received. Private lenders offer these loans; eligibility is based on your credit score. The interest rate may be variable and/or fixed. Applying for private loan with a co-signer may help you qualify for better terms.

  • Private loans are generally more costly and have fewer benefits than federal loans, although they can be a better alternative to using credit cards for education costs. Most private loans offer deferred payments until you leave school and often have flexible repayment options.

  • Be sure to understand the full impact a private loan will have on your financial aid package and your budget. KSC will not certify a loan that exceeds your cost of attendance.

  • Consider alternatives to borrowing a private loan. Use savings, a part-time job, a loan from a family member, a home-equity loan, or simply take steps to reduce the cost of attending school.

  • If you are choosing a private loan and are faced with a few options, determine which loan is the best deal for you. If you plan to pay the private loan off over a 10-year period, choosing a loan based on a lower interest rate rather than the low upfront fees will generally be less expensive. Before accepting a loan, be sure to review all terms and conditions.

Contact Student Financial Services

Student Financial Services
Keene State College
229 Main Street
Keene, NH 03435-2606

800-572-1909 • 603-358-2280
Fax: 603-358-2794

Book an Appointment with a Financial Aid Counselor