Answered By: Lisa Raymond
Last Updated: Aug 04, 2022     Views: 7

When choosing a private education loan, students should compare the loan terms offered by several lenders to choose the best fit for their situation. When choosing a lender, borrowers should make sure that Walden University is a participating school in their loan program (ElmSelect Online Loan Comparison).

Several points that should be researched when considering a private education loan:

  • 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 the loan funds? 
  • When does repayment begin and is there a grace period? 
  • What will student’s 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 cancellation options?

Most private education loan programs require the Office of Financial Aid to certify the student’s eligibility before approving the loan. If students receive financial aid, they must notify the Office of Financial Aid of any private education loans they borrow, as it may affect their aid eligibility.

For additional information, please visit Private Education Loans in the Student Handbook.

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