Private loans are made by lenders and may have terms and conditions that are less favorable than the Federal Stafford or Federal PLUS loans. Various lending institutions offer private loans to help cover the gap between the cost of education and the amount of federal and state aid available to those who qualify.
Interest rates are variable and are typically based on the prime rate or the Treasury Bill rate. A cosigner may be required to meet the program’s credit criteria. Interest rates are often determined by the borrower’s and/or cosigner’s credit rating and credit history.
Terms and conditions will vary by lender, so be sure to read all of the details on the loan before you borrow. Brooks Institute does not endorse any specific lender. We strongly encourage you to compare loan terms and conditions of the lending institutions that offer or make loans to students, as it is your right and responsibility as the borrower to work with the lender of your choice. If you decide to apply for a private loan to help pay for your education, you will suffer no penalty for your choice of lenders. If at any point in the financial aid process you have questions or need more information, a Brooks Institute Student Finance Representative will be happy to provide assistance.