Private Loans
We recommend exhausting all federal financial aid options before applying for a private loan as private loans are not regulated by North Park nor the government. They are often not as favorable as the PLUS and/or unsubsidized Stafford Loans in terms of fees, interest rates, and repayment schedules.
If you do determine that you need to access a private loan as part of your college funding plan, the following details are important to consider:
- Most dependent students will need a credit-worthy cosigner to be approved for a private loan.
- The application process and terms of the loan (interest rate, repayment terms, etc.) are set on an individual basis, and are usually related to the credit of the borrower and his or her cosigner. Make sure you read and understand all of the terms of the loan before you agree to borrow these funds.
- Some private loans require a school certification, so the loan is added to your account as pending aid and the funds are sent directly to North Park. Others do not, so the funds are sent directly to you. Once you receive loan funds that are sent directly to you, you must make a cash/check payment to North Park. Be advised that direct-to-consumer loans are often more expensive than loans that require school certification.
- ELMSelect provides a valuable tool for finding the right private loan to meet your needs.
Exit Counseling
Students who leave North Park are required to complete exit counseling for their federal student loans (Stafford, Perkins, and Nursing Loans, if applicable). While you may have already paid off your loans, made payment arrangements with your lenders and servicers, or will be continuing your education elsewhere (which means that you will not begin repayment at this time), this exercise will provide you with valuable information about your student loans. Continue reading