Private Education Loans, also known as Alternative Education Loans, are available to students who require additional financial assistance. These loans are offered by financial institutions, such as banks or credit unions, and are available to students with good credit or with a creditworthy cosigner. Many private lenders offer loans with both variable and fixed interest rates. With a variable-rate loan, rates and can rise or fall depending on the economy. They often have a lower beginning rate than the fixed-rate loan and monthly payment amounts change when the interest rate changes. With a fixed-rate loan, the interest rate stays the same for the life of the loan. Fixed-rate loans often have higher rates than the variable-rate loans, and have set monthly payment amounts.
When choosing a private loan, students should compare the loan terms offered by several programs in order to choose the best fit. Interest rates, fees, loan repayment schedules, and the financial stability of the lender are primary factors to consider.
The following is an alphabetical list of some private loan programs. This list is not exhaustive and Pepperdine does not prefer, recommend, or endorse any of these lenders.
|Lender||Loan Program||Enrollment Requirement||Will pay for a prior term account balance|
|Charter One Bank||TruFit Student Loan||Half-time||Yes, within 180 days|
|Discover||Discover Graduate Loan||Half-time||No|
|Kinecta Federal Credit Union||Kinecta Private Loan Program||Half-time||No|
|PNC||PNC Solution Loan||Half-time||Yes, within 60 days|
|Sallie Mae||Smart Option Student Loan||Less than half-time||Yes, within 1 year|
|Sun Trust||Custom Choice Loan||Half-time||Yes, within 30 days|
|Wells Fargo||Wells Fargo Graduate Loan||Half-time||Yes, within 1 year|
For additional information regarding private loans and comparisons, please visit the following websites: