private/alternative loans

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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