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Private loans (also known as alternative student loans or personal student loans) are non-federal loans that students may borrow. Generally, interest rates on private loans are tied to either the prime rate or the LIBOR index. Some lenders may charge the borrower an origination fee or a repayment fee. Students who need to borrow private loans should carefully compare rates and fees. Students must be credit worthy and most private loans will require a cosigner. Private loans should be used as a last resort; after students have exhausted all other sources of financial aid including grants, scholarships, work study, and federal loans. Private loans cannot be consolidated with Federal Stafford or Direct Loans. Students who borrow through a private loan program should borrow only the amount needed for educational costs.
Alternative Loan Information Guidelines and Sample Questions to Ask Lenders: PDF
The lenders and loan options presented in FastChoice include lenders who provided a loan at the school in the past.
The Financial Aid Office at Eastern Oregon University does not endorse, recommend, or promote any lender selection for private loans.
FastChoice displays loan options for students and parents with clear, consistent information on a user-friendly website, and provides student education through borrowing essentials. FastChoice is free and fully supported by Great Lakes, a federal loan servicer.
You are free to choose any lender, including those not presented in FastChoice. If you choose a lender that is not presented, please contact the Financial Aid Office. Application processing will not be delayed unnecessarily if you choose a lender not presented.
Our officials are prohibited from accepting any financial or other benefits in exchange for displaying lenders and loan options in FASTChoice. Prohibited activities include: receiving compensation to serve on any lender board of directors or advisory boards; accepting gifts including trips, meals, and entertainment; allowing lenders to staff our institution’s financial aid office; allowing lenders to place our institution’s name or logo on any of their products; and owning of lenders’ stock (for college officials who make financial decisions for our institution).
Your loan application will be forwarded to the EOU Financial Aid Office after your loan has been credit-approved and you have signed the promissory note. Your lender will provide you with current interest rates, processing fees and cosigner requirements. Contact the Financial Aid Office with questions regarding loan eligibility.
(By clicking on FastChoice above, you will be taken to an outside site beyond eou.edu.)
Private loan borrowers should be aware of two important changes established by the Truth in Lending Act (TILA) 15 USC § 1638(e), both of which will affect the time required to apply for, and receive, a private student loan:
Please click on the following link to read the EOU Financial Aid Office Code of Conduct
American Rescue Plan Act of 2021 (ARPA) funding is available for ALL students taking courses on campus, online, or onsite. These funds are to be used for financial emergencies or expenses that have arisen due to COVID19.
To request financial assistance for ARPA covered expenses, please submit an application by clicking the button below.
Financial Aid Office
Eastern Oregon University
One University Boulevard
Inlow Hall, Suite 104
La Grande, OR 97850-2807
Title IV School Code: 003193
+1 (541) 962-3550
+1 (800) 452-8639
+1 (541) 972-3550
Note that no personal information can be divulged through text messaging.
+1 (541) 962-3661
Fax to E-mail:
+1 (541) 962-3095
(Senders take full responsibility for any activity resulting from sensitive information being sent from private E-mail through the university E-mail system)
Secure Document Dropbox
Hours: 8-5 Monday-Friday
Drop-in appointments available during normal office hours.