Private Student Loans, also called Alternative Loans, are a last resource for students who are not eligible for other financial aid or who may need additional funds to meet education expenses. Private loans should be considered only when all other options have been exhausted, including federal student loans or other federal financial aid options for which you might qualify. Private loans typically have higher interest rates than federal student loans, are credit-based, and do not always offer the same benefits as federal student loans. The U.S. Department of Education provides a comparison chart at https://studentaid.ed.gov/sa/types/loans/federal-vs-private to review the differences between federal and private loans. The terms and conditions of alternative loans vary from lender to lender and are typically less favorable than Title IV federal student loans. The maximum private loan amount a student can borrow is determined by the Cost of Attendance minus other financial aid. Never borrow more than you believe you will be able to repay.
Students are responsible for finding the company through which they want to obtain a Private Loan. To research and apply, students can seek loan options through Banks, Credit Unions, and other various Student Loan Servicers. Students can also use FastChoice – a student loan search tool provided by Great Lakes Educational Loan Services, Inc. You may choose to use this tool to help educate yourself before making a decision or choose to go directly to a lender of your choice to apply. FastChoice provides information to help students research and compare private student loan options. The lenders presented in this tool are lenders from which Anderson University students have borrowed within the last three years. This three-year historical list of lenders is also provided online at /financial-aid/loans. Anderson University does not have a preferred lender list and cannot recommend any one lender over another.
Three-Year Historical Lender List:
- Citizens Bank
- Citizens One
- College Ave Student Loans
- College Foundation Inc.
- Commonbond Inc.
- Discover Bank
- Dupont Community Credit Union
- Lendkey Technologies Inc.
- Nasa Federal Credit Union
- Northwest Federal Credit Union
- PNC Bank
- South Carolina Student Loan Corporation
- Sallie Mae
- Suntrust Bank
- Thrivent Federal Credit Union
- Utilities Employees Credit Union
- Wells Fargo
S.C. Teachers Loan Program (SCTL)
This loan is available to South Carolina residents who plan to teach in the public sector in South Carolina upon graduation from a college or university. Students must meet the academic criteria of the program, and financial need is not a factor. For additional information visit www.scstudentloan.org.
S.C. Teachers Loan for Career Changers
This loan is available to South Carolina residents who earned a baccalaureate degree at least three years ago or have worked as an instructional assistance in the South Carolina public school system. For additional information visit www.scstudentloan.org.