Things to Consider Before Committing to a Private Student Loan

  • Be sure to exhaust all possible sources for scholarships before applying for a loan. Apply for SCC scholarships at https://www.sandhills.edu/admissions/scholarships/. Go to www.fastweb.com to search for outside scholarships.
  • Terms and conditions of Title IV HEA Federal Direct Loans may be more favorable than private loans.
  • Note that private student loans are credit-based, and students are NOT guaranteed to receive them.
  • Under lender-defined circumstances, some students may be asked to have a co-signer or co-borrower.
  • Review the credit qualification criteria that you as the borrower and a co-signer or co-borrower (if required) must meet to qualify.
  • Review the current interest rate and fees (origination or repayment) associated with the various loan options. Keep in mind that fees can offset differences in the interest rate.¬†Interest rates and terms vary with each lender.
  • Review the repayment terms and deferment options available.
  • Be sure you fully understand your responsibilities under the loan.
  • While the lender may contact us for verification of your enrollment status, the loan is strictly between the student and the lender.