If the aid you’ve accepted does not cover the total cost of your education, then a private student loan may help. Your maximum eligibility for an private loan is your Cost of Attendance minus any other aid you’re receiving. Private loans are not based on need but on creditworthiness. Therefore, borrowers are required to have a creditworthy co-signer who is a U.S. citizen or eligible non-citizen.
What To Look For When Applying?
To determine which loan best meets their needs, we encourage students to carefully review factors like interest rates, APR (Annual Percentage Rate), the length of repayment, minimum and maximum loan limits, and fees.
We recommend that students apply for only one or two private loans each year. If you apply and are approved for more than one private loan, please let our office know which one you wish to borrow from. Otherwise, we will certify the first application we receive, and cancel any others. Our office will certify all loans to disburse for both the fall and spring semesters unless otherwise notified by the student. Students should notify our office if they would like a one-term disbursement after they have completed the loan application process.
These lenders offer private student loans with competitive rates while providing good customer service and electronic loan processing. You are welcome to borrow from the lender of your choice without penalty, whether or not that lender is identified here, or in other materials produced by MassArt. MassArt does not endorse any one loan product.