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Private Educational
Loan Options
Here is another resource to consider
after all other federal, state and institutional student assistance
has been determined. Federal student loans generally provide a less costly
alternative
to private loans. For more information about federal aid versus private
loans, see
Federal Aid First.
These loans are available regardless of financial
need and offer various terms, repayment options, and choice of lender.
You are
free to choose any private lender. Just as you must apply for financial
aid yearly, you apply for a private
loan one year at a time.
RESOURCES
Private Loan Chart
Hope College
Expense Planner
Questions to ask about private educational loans
Student
Loan Borrower Resource Guide
Current Prime and LIBOR Interest Rates
Apply
for need-based financial aid through the FAFSA (http://www.fafsa.ed.gov) for
grants and lower cost loans before resorting to a private
loan.
Understand
the loan terms and benefits of each loan you may be considering.
Most information is readily available
on the lender website, but if you have further questions,
contact the lender directly. It is extremely important
that you are aware of all possible rates, fees, grace periods,
repayment terms, and borrower benefits each lender program
may offer before you make a decision about borrowering.
Hope
students have borrowed from the following loan programs; however,
students may choose any lender that fits their needs.
Private Loan Dates
Private
loan applications require a requested loan period. Use the
following dates, always applying for the full year unless the
student is attending only one semester
- Summer 2009: 05/04/2009 to 07/31/2009
- Fall 2009 & Spring 2010:
08/01/2009 to 05/07/2010
- Fall ONLY 2009: 08/01/2009 to 12/18/2009
- Spring ONLY 2010: 12/15/2009 to 05/07/2010.
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