Private Education Loan
As a transfer student, once you have considered scholarships, grants and federal student loans, you may wish to consider a private education loan to help you finance your education. We recommend that you use an internet search to find a lender. Due to our Code of Conduct, our office does not provide students with a preferred lender list, nor are we allowed to recommend a specific lender.
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. As a borrower, you should carefully compare benefits offered by each lender before making a selection. Choose your lender based on the benefits that are the best fit for you, even if you do not have an existing relationship with that 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, and co-signer release programs. All private education loans are in the student’s name and may require a credit-worthy cosigner.
Once you have completed your private education loan application with your lender and been approved, Linfield will receive an electronic notification to certify your private loan eligibility. The maximum you may request is the difference between your Cost of Attendance and your estimated financial aid. If you are requested to list your cost of attendance for your current academic year, you can refer to our Cost of Attendance for the 2019-2020 academic year. Note that costs vary depending on your housing status and academic enrollment.
After you are approved for a loan, you may need to let the Office of Financial Aid know how you want your loan disbursed to ensure your loan is certified by our office for the correct payment periods. Funds will be electronically delivered to Linfield on your behalf.
You can find more information about private education loans with your lender of choice, and also online at various college information websites such as Finaid.org.