Private or Alternative Student Loans
Many private lending institutions offer loans to students and families seeking assistance to meet expenses related to attendance at Elizabeth City State University.
A good reference site for more information about private/alternative loans is FinAid - The SmartStudent Guide to Financial Aid.
When choosing a private loan, our office offers these suggestions:
- Review the terms of the program carefully
- Read the fine print
- Check with the lender for the most current terms
- Check minimum/maximum annual loan limits
- Compare the combination of interest rate, fees, and repayment terms since these determine the total amount repaid over time
- Some offer interest rates that are adjusted monthly, some quarterly, and some annually
- Check fees charged
- Check for deferred interest and/or principle while enrolled in school
Note: The Office of Student Financial Aid and Scholarship reminds you that before you apply for a private loan to fund your education, please use your federal student loan eligible first. A private loan can carry an interest rate as high as 15%. Other options that may be available are the Federal Parent Loan and the tuition payment plan.
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