Answered By: Tiffany Beverly
Last Updated: Jan 23, 2017     Views: 99

The following link is a good resource for researching private loans:

http://www.finaid.org/loans/privateloan.phtml

When choosing a lender, make sure that Walden students are eligible for the lender’s loan programs.  Most private loan programs require Walden to certify your eligibility before approving the loan. If you receive financial aid, you must notify Walden’s office of any private loans you borrow as it may affect your federal aid eligibility.

We recommend you look at several lenders and consider the following when making your decision:

  • What is the interest rate; is it fixed or variable; is the rate capped? 
  • What fees must be paid for this loan and when are they paid? 
  • How will the student receive his or her loan funds? 
  • When does repayment begin and is there a grace period? 
  • What will the monthly payment be? 
  • What will be the total cost if the student uses the full repayment period? 
  • Are there penalties for early repayment? 
  • Are there deferment, forbearance, or cancelation options?

For more information on this topic, please contact The Office of Financial Aid at finaid@mail.waldenu.edu

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