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Private Loans

The terms and conditions of Federal Student Loans may be more favorable than the provisions of Private Educational (alternative) loans. Students are encouraged to exhaust all Federal grants, loans, and any scholarship opportunities before considering a Private Educational (alternative) loan.

Private Educational Loans are private lender loans and are not part of the William D. Ford Direct Loan Program. The following are stipulations that students should consider when applying for alternative loans:

  • Each lender/loan may have different eligibility requirements and terms (repayment, interest rates, etc.)
  • Eligibility for private educational loans often depends on a borrower’s credit score and application, and/or credit-worthiness of the student’s co-signer.
  • Private educational loans require a school certification. The Certification request is sent to Mesalands Community College directly.

Mesalands Community College is required by law to ensure the sum of private educational loans and other financial aid does not exceed your cost of attendance.  If this total exceeds your cost of attendance, your loan may not be certified for the full requested amount, and /or a portion of your loan funds may be returned to your lender.

Questions to ask before selecting a lender/Private Loan

Lenders Policies

  • Does the lender offer Electronic Funds Transfer (EFT)?
  • Can I apply for a private loan to pay past-due charges?
  • Can I apply for a private loan after the term has ended? How long after?

Interest rates

  • What is the interest rate? Is the interest rate fixed or variable?
  • Would a co-signer lower the interest rate?
  • Is there a co-singer release option?
  • How often is interest added (capitalized) to the principal amount?


  • Can payment be deferred while in school?
  • Are there any prepayment fees?


Mesalands Community College does not have a preferred lender list for private student loans.  You are free to borrow from any lender of your choice. Furthermore, not all the lenders lend to all students at all schools. The borrower should confirm any and all loan terms with the lender PRIOR to accepting the loan.