Private Education Loans, also known as Alternative Education Loans, help graduate students bridge the gap between the actual cost of education and the amount the government allows students to borrow in its programs. Private loans are offered by private lenders, so students are not required to complete any federal forms. Eligibility for private student loans often depend on a student’s credit score.
Private education loans generally have higher, variable interest rates than education loans with fixed interest rates offered by the federal government. However, the rates are less expensive than credit card debt. It is important to note that federal education loans also offer better repayment and forgiveness options. You should exhaust your eligibility for federal education loans before applying for private student loans.
If you are interested in a private education loan, you may select a lender from our preferred lender list or one of your choice. Each lender has different eligibility requirements, so choose the one that best meets your needs. If you have questions regarding private education loans, please contact the Financial Aid Office at (800) 770-6936.
*Please note that the lenders listed above are preferred lenders for Erskine Theological Seminary. If you prefer to use a different lender, please contact the lender for an application and notify the Financial Aid Office at (800) 770-6936.
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