Private Student Loans
Private loans are designed to help students who need additional assistance with educational costs. In most cases, it is advantageous for parents to pursue Federal Direct PLUS Loans or an independent student to pursue an Unsubsidized Stafford Loan before seeking a private loan. A major advantage of these two programs is that the federal government caps the interest on the loans.
If a student still needs assistance beyond what is available through these loan programs, there are a number of private lenders who offer supplemental loans to cover educational expenses. The private loans listed below are not based on need, and they can replace a portion of the Expected Family Contribution. Loan approval is generally based on creditworthiness and ability to repay. The maximum that may be borrowed is the difference between cost of attendance and other financial aid.
Each lender offers different rates, fees, repayment terms and approval requirements. Rose-Hulman suggests students carefully investigate the loan terms and conditions before choosing a lender. Rose-Hulman does not endorse any of the following lenders, and you are not required to borrow from one of the loans listed below. These merely represent the lenders which our current students utilize. We highly recommend you select the lender that fits your needs and wants.
Due to recent legislative changes, students applying for a private educational loan are required to complete the Private Education Loan Application Self-Certification Form available through lenders' websites. You will need to know the cost of attendance at Rose-Hulman.
Listed below are two application tools that will provide access to multiple lenders. Both INvestED Marketplace and FASTChoice will allow you to compare lenders and rates for possible alternative loans. As a borrower, you have the option to select any lender you choose. If you have any questions regarding the process used to select the lenders included in the INvestED Marketplace or in FASTChoice, please contact our office.
Go to FastChoice website to compare your loan options.
Go to INvestEd website to compare your loan options.
Go to FastChoice-Consolidation website to compare your loan consolidation options.