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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 on 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).
Credible is a marketplace that allows you to compare financial products from multiple providers side-by-side.
Credible Operations, Inc. does not act as a lender or credit provider. Credible Operations, Inc. will forward your loan request to participating Lenders and one or more Lenders may provide you with their loan product offers. Credible Operations, Inc. does not have relationships with all lenders in the market and cannot guarantee the lowest price or best terms available in the market.
Credible Operations, Inc. receives fees from participating Providers and may be paid for services performed or provided by Credible to the Provider.
Each lender’s website will contain application instructions, borrower and co-borrower requirements, and display loan products offered for educational purposes.
Two options that you can use to review and compare private lenders are FastChoice and Credible, online comparison tools that allow you to connect to loan applications. 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.
For tips on how to pay for college, Credible has published a guide on their website: www.credible.com.
Have questions for Credible? Please find them on Facebook and Twitter.
(By clicking on either FastChoice or Credible 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
Funds have been received under the Coronavirus Aid, Relief and Economic Security (CARES) Act to be used directly in compensating "on-campus" students for financial losses that they have, or are currently experiencing, due to COVID-19.
To request assistance for a CARES Act covered loss, please submit an application by clicking the button below.