Private student loans are offered through private lenders and are meant to provide additional educational funding only after a student and their family have exhausted all other sources of funding such as federal and state aid. These loans can help bridge the gap between the financial aid you have already received for college and the total cost of attendance.
These loans are not guaranteed by the federal government and may carry high interest rates and origination fees; they also require a credit check, and most will require a cosigner if the borrower has little or negative credit history. It is the applicant’s responsibility to contact the lender of your choice for details about their program and application process.
Students have the right to select the private lender of their choice. Guttman Community College does not recommend any one lender in particular. To better serve our students and their families, a Lender Comparison List through ELM Select is available to assist you in finding a loan that works for you. The ELM Select portal is a comparison tool for students researching private student loans; it allows the potential applicant to make the most informed decision with viewing, filtering, and comparing the private student loan options available.
When considering a private student loan, we recommend the following:
Complete the FAFSA and the NYS Student Aid Payment Applications.
Inquire about the Federal Direct Loan programs.
Pay close attention to the fine print for each lender.