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.