![]() The maximum loan amount your financial aid office can certify is the cost of attendance minus any other aid received. The Office of Financial Aid will process a loan with any lender you have selected regardless of their inclusion on this list as long as you are eligible for the loan. Students are encouraged to investigate these options very cautiously and thoroughly. It is ultimately the student's decision to select a private education lender. This lender list was created simply as a starting point for students as they begin their research. What kind of borrower benefits does the lender offer? (interest rate reductions with automatic withdrawals, principle reduction with a certain number of on-time payments).What will my monthly payment be on this loan amount when I am in repayment?.How will the rate formula (interest and fees charged) change in repayment?.If I use a co-signer, can I receive a better rate?.How often is the interest capitalized? (The frequency of capitalization will increase the total loan amount that you have to repay because you will be charged interest on a higher principal loan.).How soon will I enter repayment? Are interest-only payments required during enrollment?.The current Prime and LIBOR rates are available at the Federal Reserve Statistical Release.īefore deciding on a lender, here are some questions you need to ask: The interest rates for private educational loans are variable and are most often based on a range using SOFR (Secured Overnight Financing Rate) or the London Interbank Offered Rates (LIBOR) as a base and add an additional percentage based on the borrower's credit. The interest rate and fees are determined by your credit history, your debt-to-income ratio and that of your co-signer. Unlike federal loans, the terms of private loans are set by the individual lenders. Satisfactory Academic Progress – Grad/ProfĪ number of private outside agencies offer students alternative sources for financing their education.Withdrawing from the University Overview.School of Professional Studies (Graduate Programs). ![]() ![]() Medill School of Journalism, Media, Integrated Marketing Communications.McCormick School of Engineering and Applied Science.School of Professional Studies (Undergraduate Programs). ![]()
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