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Private Loan Information

Private education loans are available through an outside lender to help finance the unmet cost of attendance at Southern New Hampshire University. We recommend that you apply for financial aid first by completing the FAFSA (Free Application for Federal Student Aid) before exploring private loans to ensure receipt of maximum federal, state, and university aid.

Approval and interest rates are based on the credit worthiness of the student borrower, coborrower, or cosigner and vary from lender to lender. Certification of the loan depends on multiple factors*. You should exhaust all federal, state, and university options including the Federal Parent PLUS Loan and Federal Graduate PLUS Loan before borrowing a private loan.

It is highly recommended that you apply for an entire year's worth of funding at one time thereby eliminating additional credit checks and processing time.

Questions to ask when exploring a private loan lender:

  • What is my FICO score and/or the FICO of my co-signer?
  • Are there loan fees or repayment fees?
  • What is the interest rate range? Is the rate fixed or variable? If variable, how high can the rate go?
  • When does repayment begin? Are in-school payments required? What will the monthly payment be? What will the total cost of the loan be?
  • How do they evaluate the Co-Signer (credit score, history, debt-to-income ratio)? Can they be released after a certain number of payments?
  • Are there interest rate reductions for automatic withdrawal payments or having an existing account? Are there deferment or forbearance options available?
  • Is the loan forgivable in the case of death or disability?