Financial Aid
PRIVATE LOANS
Things to Look for in a Private Loan
- Eligibility requirements: Most private loans require a creditworthy applicant and/or co-signer. Having a co-signer may reduce the cost of the loan.
- Interest rates: Most private loans have variable interest rates. Determine how often the interest rate is adjusted and how it's calculated.
- Fees: Many private loans have fees that are deducted from or added to the amount that you borrow. Find out when they're charged and how much.
- Annual Percentage Rate (APR): The APR is the annual cost of your loan including the effect of any fees and charges in addition to interest. Remember that a loan with fees and a lower base interest rate may be as good of a choice as a loan with no fees and a higher base interest rate. APR helps show how all charges affect the cost of the loan.
- Repayment: Determine the repayment terms including monthly payments and repayment period. Some lenders offer rewards such as interest rate reduction to borrowers who make payments on time or via electronic funds transfer.
- Loan limits: Check to see if there is an annual or aggregate limit. Try to pick a lender that has an aggregate limit that works best with your program of study. Some private loans have maximum limits while others allow you to borrow up to your total cost of attending school.
Borrower and co-borrower must pass a credit check. Applying with a qualified co-borrower may give you the best rate.
Private loan credit checks are valid for a limited time. Please check with your lender for details.
To view our Private Preferred Lender List you will need to go to the ED FUND Loan Portal website. Once there you will need to:
- Click: Student
- Select a State (Worldwide Students please select Florida)
- Select a College - Embry-Riddle Aeronatuical University
- Click: Continue
- Click: View Lender Options
- Click: View Prvate Loan Lenders
- Click on Lender to link to information about their rates, terms, benefits and other information
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