Private student loans are nonfederal educational loans offered through private lenders. U.S. citizens and permanent residents may qualify for federal loans and should compare these loans to private loans to find the most beneficial option. International students generally require a qualified U.S. cosigner.
You are able to apply for a loan from any lender that offers private education loans. Private lenders check your credit history to see if you qualify for a loan. In many cases a cosigner may be required to qualify for a loan and may help lower your cost of borrowing. Interest rates, fees and qualifications vary, so be sure to review loan details provided by lenders.
Comprehensive List of Private Lenders
Smith College does not maintain a recommended lender list. However, we do provide a comprehensive list of lenders that Smith students have used over the past three years (minimum 3 borrowers in any of the past three years).
Smith College has not reviewed the terms and conditions of the loans offered by these lenders and does not endorse any of them.
Please go to ELM Select to review the comprehensive list of lenders and the terms and conditions of their loans. Other private lenders exist that may not be on our list. You are able to choose any private lender that meets your needs.
Smith College and its employees do not receive any benefits from lenders listed on this comprehensive list. We are committed to the highest standards of professional conduct. Please review our Code of Conduct for details of our practices.
How to Compare Private Loan Options
Private education loans are not all the same. Use this checklist to compare:
- Understand the Interest Rate
- Fixed Rate: Stays the same
- Variable Rate: Subject to change over time (ask lender how and when it adjusts)
- Ask: What rate do I qualify for? Not just the advertised lowest rate
- Ask: What interest rate reductions are available?
- Look at the Annual Percentage Rate (APR)
- APR represents the yearly cost of a loan, including both the interest rate and any additional fees. It's the clearest picture of total cost and the best way to compare different loan products.
- Review Repayment Options
- Repayment timing: immediate, interest-only, deferred (interest will capitalize), flat/fixed payment
- Repayment length: total length of repayment term
- Ask: What repayment options are available to me?
- Ask: What is the total cost of the loan (with interest) for each repayment option?
- Understand Cosigner Requirements
- Ask: Is a cosigner required?
- Ask: Will a cosigner improve my rate?
- Ask: Is there a cosigner release? If so, what are the requirements?
- Check for Fees
- Look for: Origination fees
- Look for: Late fees
- Look for: Returned payment fees
- Evaluate Borrower Protections
- Compare: Deferment/forbearance length and limits
- Compare: Temporary hardship option
- Compare: Death and disability discharge