Private Educational Loan Information
Private loans are an additional way that a family can choose to finance their Wheaton College education. We strongly encourage families to consider all the ways to pay for their education before applying for a private alternative loan. Please be sure to review the Department of Education's publication Federal Aid First to learn about the Federal Loan programs before you apply for an alternative loan.
Wheaton College has selected these loan options based on the terms offered to borrowers. We provide this information as a means of comparison only. Rates listed in the private loan chart were accurate as of June 2008. More information regarding the difference between LIBOR and PRIME as well as the current daily/monthly rates can be found on FINAID.org.
All borrowers have the right to borrow a private educational loan from any lender or agency they choose. Wheaton will process any private educational loan application submitted to the college. Your local bank, credit union, or state loan agency may be another source to consider before choosing a private loan program. Most lenders will require a co-borrower for a private student loan. In many cases, having a co-borrower will lower the interest rate and fees that a student is charged on the loan.
All lenders require borrowers and co-borrowers to complete a credit check and a promissory note for the loan. Often a lender will ask for additional information from the borrower and/or co-borrower in order to verify income and other data as needed. Please keep in touch with your lender to ensure that your loan application is complete so that your loan is processed and disbursed to your student account in a timely manner. Students and parents should do thorough research before initiating a loan application. Every time a separate application is initiated, a credit check is performed and will appear as an entry on your credit history, which may affect your overall credit rating.
To review a list of recommended private loan programs for 2008-2009, please review our private loan chart.