Students have the option to borrow private loans directly from lenders (banks) to help finance the cost of their education. There are many options available so it is important to do some preliminary research and to know that all loans are not equal. Pay special attention to interest rates, fees, credit scoring, and co-signing requirements. But first, before you look at private loans, make sure that you have exhausted all possibilities for federal and state financial aid programs. Exploring your options now may save you time and money in the future.
This year the JCU Office of Financial Aid has partnered with two third-party companies to provide students with resources to assist in the private loan search. If you have specific questions or concerns regarding private loan terms or conditions, we suggest you contact the lender directly.
Option 1: Fastchoice
Fastchoice, powered by Great Lakes Higher Education, is an online lender list that provides basic information on private loans. We hope you find this website to be a great resource which allows you to compare interest rates, borrower benefits, fees, and repayment options, prior to applying for a loan and having your credit information pulled. All the lenders on this list work closely with the JCU Office of Financial Aid and work to ensure timely processing of your loan and electronically transfer funds to your student account.
- Fastchoice Lenders (in alphabetical order): Charter One, Discover, Fifth Third, Ohio Catholic Credit Union, Ohio Educational Credit Union, PNC, Sallie Mae, Wells Fargo.
Learn more about Fastchoice here.
Option 2: Ohio Private Loan Marketplace
Another option you can utilize during your private loan search is the Ohio Private Loan Marketplace, powered by Overture Technologies. The Marketplace will instantly compare rates and terms from multiple private loan lenders side-by-side. You will be able to view detailed listings of APRs, interest rates, total cost, monthly payments, borrower benefits, fees, and repayment options.
Borrowers should be aware that the Marketplace pulls your credit information first and then allows you to view and compare rates amongst their list of lenders (see below for a complete listing of their lenders). The Marketplace is a good choice if you are ready to apply for a loan rather than gathering information. Please note that these are preliminary loan offers and are not guaranteed by the lenders. It is important to review “How it works” on their website prior to completing an application.
Also it is important to note that some of the credit unions available through the Marketplace have not worked with JCU in the past which could inadvertently cause a delay in the processing or receipt of funds.
- Private Loan Marketplace Lenders (in alphabetical order): Discover, Eli Lilly Federal Credit Union, Evansville Federal Credit Union, Grow Financial Federal Credit Union, Mid-Atlantic Federal Credit Union, NASA Federal Credit Union, Northwest Federal Credit Union, PNC Bank, US Bank.
Be sure to view the Ohio Private Loan Marketplace Disclosure Information.
To view the Ohio Private Loan Marketplace, click here.
Please note students have the right to borrow through any lender and are not limited to only those lenders included on our lists. We only offer these lists to help simplify the search process for students and their families. We do ask that you notify the Office of Financial Aid if you choose not to utilize a lender from these lists so that we are made aware of your loan application.
Private Alternative Loan Requirements Effective February 14, 2010
The Higher Education Opportunity Act of 2008 (HEOA) mandated a number of changes to provide a significant amount of additional information to families who choose to utilize private educational loans. Title X of the HEOA changes the disclosure requirements for the Truth in Lending Act (TILA) for private education loans made expressly for post-secondary education expenses. These new requirements could delay the receipt of Alternative Loan approvals and disbursements. Please plan accordingly.