Educational loans that are not part of the Federal Student Aid programs are referred to as private or alternative education loans. These loans are made to students and parents and generally have variable interest rates and accrue interest from the time the loan funds are disbursed. Private loans are credit based and may require a co-signer. Terms and conditions of private loans vary by lender.
Crown College recommends that all eligible degree seeking students apply for financial aid using the Free Application for Federal Student Aid (FAFSA) and exhaust all federal loan program options before considering an alternative education loan. Students may be eligible for federal Title IV financial aid such as Federal Pell Grant, SEOG, ACG, SMART and TEACH grants, federal work study, Federal Perkins loan and Federal Stafford and PLUS loans. The federal loan program offer terms and conditions that may be more favorable than the provisions of private education loans. Undergraduate students may be eligible for up to $5,550 in Federal Pell Grant funding and up to $5,500 in subsidized Stafford Loan and $7,000 in unsubsidized Stafford loan ($2,000 for dependent students) depending on grade level and financial need. Graduate students also may qualify for Stafford Loan funding. Maximum limits for graduate students are $8,500 in subsidized Stafford Loan and $12,000 in unsubsidized Stafford Loan.
If you have exhausted all other financial aid resources, you may want to consider a private loan provided by a commercial lender. The Financial Aid Office at Crown College is committed to providing students with the best possible services. As a part of this commitment, we seek lenders who demonstrate excellence.
How to Apply for a Private Loan
- Compare Lenders and Apply ? Our recommended lenders are listed below. Click on ?Compare and Apply" to visit the FASTChoice website where you can analyze the terms, benefits and features of the various loans. Compare and Apply.
- After comparing the various loans, apply on-line directly with your selected lender. If you choose to use a lender not on the list, apply directly with that lender. They will send a certification request to Crown College.
- Keep in contact with your lender to provide any supplemental information requested. All lenders require a self-certification form which they will provide to you. Some may require proof of identity or documentation of income.
Crown College does not endorse any Private Education Loan lender, however in order to assist you Crown has chosen to participate in a Preferred Lender Arrangement and is providing a list of lenders who meet the following expectations:
- Provide the commitment, stability and ability to provide loans for the long-term.
- Provide quality customer service.
- Demonstrate commitment to borrowers and offer quality loan servicing and default prevention strategies.
In addition, we have chosen to include lenders who are familiar to our borrowers, and who partner with guarantee agencies located in Minnesota. Please note that borrowers are free to select any lender, regardless of whether it appears on our preferred lender list.
- Sallie Mae
- SELF (Minnesota Office of Higher Education)
- Wells Fargo