Private Student Loans
Have you exhausted your maximum borrowing eligibility through the Federal Direct Subsidized/Unsubsidized Loans, as well as considered the Parent PLUS Loan? If so, you may want to consider a private student loan through a non-federal loan program.
The student is the borrower for private loans; however, in almost all cases, a credit-worthy cosigner is required. Having a credit-worthy cosigner will also likely reduce the cost of the loan (interest rate). Please be aware that the cosigner is fully responsible for repaying the loan should the borrower stop making payments. Most private loan products offer a cosigner release option after a specified number of on-time payments are made and the borrower is credit-worthy.
Shopping for Private Student Loans & ELM Select
LVC does not recommend the use of private student loans, nor recommend lending institutions involved in the private student loan consumer marketplace. ELM Select (www.elmselect.com) is an unbiased source of consumer loan information highlighting products commonly used by LVC students and families. Upon logging onto ELM Select and selecting Lebanon Valley College, you will notice a condensed list of approximately fifteen lenders. The list represents a grouping of top volume lenders over a three-year period. The College encourages all families to pick a lender that most closely aligns with your family’s priorities be that low interest rates, modest monthly payments, or extended and flexible repayment terms.