Although you may find private loans are convenient sources of additional
funding for your education, you are encouraged to plan and budget carefully
to minimize your reliance on these higher-cost loans. Please review federal
and state loan programs first before applying for private/alternative
loans. Follow these guidelines:
Consider other sources of funding besides loans to limit your post-school
debt.
Borrow only what you absolutely need, in order to keep your loan
debt at a minimum.
Before you borrow, estimate both your future earnings and the amount
of debt you may be able to realistically afford in your chosen profession
after you graduate from school.
Remember that repaying loans is serious business. If you default
on a loan, your ability to obtain a loan for future housing or transportation
needs may be negatively affected.
Read carefully the terms and conditions of your promissory note.
You are agreeing to repay the loan with all accrued and capitalized
interest and deducted fees according to the terms of the loan company.
You are responsible for reading and keeping all your records of your
private loan. Be sure to contact your lender regarding any changes
in your student status.
You are obligated to repay your private loan regardless of whether
you complete your education, are satisfied with your education, or
find employment. Generally, private loans go into repayment once you
graduate or drop below half-time enrollment status in school.
