A private loan is an educational loan for credit worthy borrowers (student, parent, or other) which is offered by banks and other organizations. These loans are not federally funded through the Federal Direct Loan Program. The interest rates and terms vary by lender and are usually tied to the prime rate or LIBOR index.
Private loans are credit-based loans and in most cases, a creditworthy cosigner is required. Be sure to follow each step of your lender's process when applying for a private student loan. Should you need assistance, contact your lender as they will walk you through their process and update you on the status of your loan.
Click here to view SLU’s historical lender list. This is a historical list of lenders used by students and other borrowers at Saint Louis University within the last three academic years. The university does not endorse any lender, nor do any of the lenders compensate Saint Louis University to be on this list.
It is highly encouraged that a borrower interested in pursuing a private loan research a lender that works best for their financial situation. A borrower may pursue any lender of their choice.