Private Loan Programs
A private education loan is a credit-based consumer loan that can be used to pay any education-related expenses, including tuition and fees, books, and transportation.
Federal regulations require educational institutions to evaluate a student’s Federal Aid eligibility prior to processing of a private loan. To determine your eligibility for the private loan you must complete and submit a FAFSA. If you do not intend to use any federal aid, you must send notification to Drexel Central electronically via Ask Drexel indicating that you are not accepting any Title IV funding for the academic year.
Eligibility for a private education loan is made by the financial institution you have applied to and can be based upon the following:
- U.S. Citizen or permanent resident
- Credit History
- FICO Score
- Debt-to-income ratio
Once the loan is approved, your lender will issue a disclosure statement detailing the loan agreement.
A co-signer may be required in order to be approved for a private loan; please refer to your lender for details.
The annual limit of a private education loan is determined by the amount of your cost of attendance budget not covered by your financial aid and other financial resources.
Interest rates and repayment options vary by lender. Typically interest rates are variable and interest starts to accrue once your loan starts to pay to Drexel.
The first step in applying for a private education loan is to review the different programs offered. Since there are many different lenders available for you to choose from, Drexel Central recommends that you review carefully the options each lender is providing.
While Drexel does not recommend one specific lender for you to use, we have assembled a list of several private education loan providers that have been vetted and may offer you the best options and services. To review information on these lenders, you can launch the Borrow Smart Financial Planning Tool.
If you have chosen one of Drexel's recommended lenders, follow the application instructions on the Borrow Smart website or call your chosen lender directly to complete an application.
If you would like to choose a lender not listed on the Borrow Smart website, complete the loan application directly with your chosen lender. The lender will then forward your application to Drexel Central for certification.