Private Loans should be considered as a last resort when financing your college education. We strongly encourage you to borrow from the Federal Student Loan program before considering Private Loans. Additionally, graduate students are encouraged to apply for a Graduate PLUS Loan before applying for Private Loans. Generally, you will receive a better interest rate on Federal Student Loans than with Private Loans. However, if you need additional funding beyond your Federal Student Loan eligibility, Private Loans may help you cover unmet educational expenses.
Private Loans are made by banks and other financial institutions and are subject to their terms. Eligibility for these loans requires a credit check and students are often required to have a co-signer to qualify
Lipscomb University does not endorse or recommend any specific Private Loan product. In determining which Private Loan is best for your needs, we recommend you research and compare loan interest rates, fees, repayment options, and eligibility requirements. If your private loan requires a Self-Certification form, please come by our office and we will be happy to assist you with its completion.