Carroll University
Students chatting outside Lowry Hall
Prospective Students
Downloadable forms
Policies/procedures
Comparing Awards
Loan Information
Merit Scholarships
Outside Scholarships
Net Price Calculator
Income Graph
Helpful Links
FAQs
Contact Us
Business Office
Private/Alternative Loan
 

General Information

  • Private loan programs for students through a lending institution
  • Carroll recommends exhausting all Federal loan options first by completing the FAFSA form (www.fafsa.gov)
  • Loan is always in the student's name
  • Student will most likely need credit worthy cosigner
  • Approval based upon credit check
  • Interest starts accruing at the time of disbursement
  • Most do not require repayment while student is enrolled at least half time
  • Most lenders will borrow to international students if they have a credit worthy cosigner who is a U.S. citizen

Annual Maximum

  • Up to student's cost of attendance minus other financial aid
  • Each individual lender may have minimum/maximum amounts

Interest Rate

  • Based upon credit rating of borrower and cosigner
  • Variable and Fixed rate loans available
  • Determined by lender
  • Will be notified of interest rate before you finalize loan

Fees - determined by lender

Applying for Private/Alternative Loan

  1. Student should complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov to exhaust all Federal loan options first
  2. Select a lender
    • You can choose any lender that processes alternative/private loans, you are not limited to those on our list

      fastchoice click the button to utilize FASTChoice to assist you in choosing a lender
      • Read through the Borrowing Essentials to gain knowledge about financing your education
      • Compare the different lenders and their terms
      • Click the "Apply Now" button next to the lender you select
  3. Apply for the loan directly with the lender at their website
  4. Lender will contact Carroll to verify the amount you are requesting and that you are attending Carroll
  5. The United States Congress recently mandated that private loan lenders require borrowers to complete a Self-Certification form when requesting any private educational loans. Do not submit your self-certification form to Carroll, return it to the lender you are applying with. Click here to download a Self-Certification Form.
  6. Funds will be disbursed directly to Carroll and credited to your Business Office account
  7. If you have a credit balance on your account, the Business Office will issue you a refund

Private Loan Repayment

Repayment Essentials help students to understand private loan repayment and consolidation options.

Private Education Loan Disclosures

In accordance with The Higher Education Opportunity Act (HEOA), Title X section 226.48(f) and Truth in Lending Act (TILA), below are the disclosure statements for all private lenders currently listed on Carroll University’s Lender List.

 

 

 
 
 Copyright © 2014 Carroll University, Waukesha, Wisconsin. All rights reserved. Top of Page