Private loans should only be borrowed when all other financing options have been exhausted. Private loans are not federal student loans; they are borrowed from a bank and generally do not have the same benefits of a federal loan. Private loans are based on credit, so not everyone will be eligible. The interest rate is most often a variable interest rate; the rate is determined based on the borrowers credit and the credit of a co-signer. It is highly recommended that students have a credit worthy co-signer; most often a credit worth co-signer will lower the interest rate.
After carefully reviewing the features offered by a wide range of lenders, we have chosen the lenders below because they offer a superior combination of savings, customer service, and loan processing reliability. Lenders are listed in alphabetical order. Click on the lender to find additional information about the loan and to apply for the loan.
There are many student private loan lenders and EMU will work with any lender. For more information about the relationship the university has with private student loan lenders view the Code of Conduct