Private Student Loans are student loans that are disbursed from private companies, separate from the Federal Government. Private student loans are considered a “loan of last resort” because their interest rates are higher and they all require a credit-worthy individual to sign for the loan. However, these loans are a good source of educational funding and should certainly be considered before a credit card.
When reviewing your financial aid award letter, you should
- First, accept grant and scholarship awards, as these are both awards that do not have to be repaid
- Second, accept any federal work-study if offered
- Third, accept any federal student loans, as these are loans with low interest rates, possible subsidized interest payments, and generous repayment plans
Greenville Technical College has selected three lenders as our preferred lenders: Sallie Mae Smart Option Loan, cuScholar Private Student Loan, and PNC Solution Loan. Information about preferred lender status and these options are available on our current Preferred Lender List.