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Melrose Hall

Considering a private education loan

Once you have considered scholarships, grants and federal student loans, you may wish to consider a private education loan. Private education loans are available through banks and credit unions and are not part of the federal loan program. We recommend using an internet search to find a lender. Due to our Code of Conduct, our office does not provide a preferred lender list, nor are we allowed to recommend a specific lender. 

In your search for the best private education loan, we recommend considering the specific loan rates and terms to decide if the loan is right for you. Review such things as:

  • APR
  • Interest rate
  • Total cost
  • Monthly payment
  • Borrower benefits
  • Fees
  • Repayment options
  • Co-signer release programs

All private education loans are in your name and require a creditworthy cosigner. The more creditworthy the cosigner, the better the interest rate.

A loan is money you borrow and must pay back with interest.

Be sure to read the disclosure statements provided to you by the lender so you understand your rights and responsibilities as a borrower.

Once you have completed your private loan application with your lender and been approved, Linfield will receive an electronic notification to certify your private loan eligibility. Funds will be electronically delivered to Linfield in time for the start of each semester for which you are enrolled.

Your private education loan lender may request you to provide them with our federal school code: 003198-00.