A Briar Cliff education is one of the best investments you can make. It is important that you review all types of loans you may want to choose to help enable you to pay for educational and living expenses necessary to receive your college degree.

Private Educational Loans are available to help families fill the gap for college expenses. Private loans should never be your primary funding source. Exhaust all of your other options including Briar Cliff’s no interest payment plan, savings, summer work, work study and outside scholarships before you borrow any type of private education loan.

You can find an alphabetical lender list of banks on BC’s Preferred Lender List. You can see the listing by going to https://choice.fastproducts.org/FastChoice/Welcome.do?configId=1292969376410

These lenders offer private non-federally funded educational loans.  Please review the loan application disclosure for each loan before making your decision. This is not a comprehensive list of lenders. Briar Cliff will process any educational loan that you as the consumer is interested in.

For most students the best loan options are the Federal Direct Student Loan Program (eligible amounts are on your financial aid award letter). Briar Cliff will not certify a private education loan on your behalf until you have exhausted your federal and state aid options. These federal programs are listed below:

We are required to disclose the maximum Title IV grants and loan assistance available to you: The maximum available grants and loans are listed below:

 Some Questions to Consider Before Selecting a Private Loan

The following are some of the questions that should be considered as you research private loan options.

1. 
   When should I apply for a private loan? It is recommended that you apply for a private loan four to six weeks before payment is due. Be sure to follow-up with the lender to ensure that you have completed all necessary paperwork. It is important to read all correspondence that is received from the lender as they often request additional information to fully underwrite a loan.
2. 
   What is the interest rate and how often does that rate change? Interest rates on private student loans are generally variable and can change monthly or quarterly. Most rates are determined by using a financial standard such as Prime or LIBOR plus a margin that is usually based on the creditworthiness of a borrower and cosigner.
3. 
   Is the lender charging fees for processing the loan? Some lenders charge up-front origination fees that are a percentage of the loan, while others may charge repayment fees. If fees are taken out of the loan proceeds, you are still responsible for paying back the full loan amount including the fees.
4. 
   Do I need a cosigner on the private loan? Most loans require a credit-worthy cosigner. Even if a cosigner is optional, one is recommended as it will usually yield a lower interest rate for the borrower.
5. 
   How often is interest capitalized on the loan? Capitalization is adding accrued interest to the principal balance. The more frequently a loan is capitalized, the costlier it will be to the borrower.
6. 
   Am I required to make interest payments on the loan while I’m in school? Some lenders do require interest only payments while the borrower is in school. Making these payments will reduce the overall cost of the loan and can be done even if the lender does not require it. If the lender is requiring these payments, it is important that you have the ability to make those payments.
7. 
   Does the lender have a yearly or cumulative (aggregate) borrowing limit? As you evaluate what you need to borrow over your four years, keep these limits in mind.
8. 
   Can I borrow from more than one lender? If possible, it is recommended that you stay with one private lender throughout your college career. This should make the process of repaying loans more efficient.
9. 
   Are there any borrower benefits associated with the loan? Many lenders offer benefits for a certain number of on-time payments, payments received through electronic funds transfer and even graduation. Some lenders also offer possible release of cosigners after making a certain number of on-time payments.
10. 
    What are the repayment terms on the loan? Generally, most loans have a six-month grace period after graduation before repayment begins. The length of repayment period varies by lender and usually ranges from 10 to 20 years.
11. 
    Can this loan be deferred while in graduate school? This will vary by lender, but most often they can be if the borrower is enrolled at least half time. Some lenders do have caps on the maximum number of months loans can be deferred.