Students are strongly encouraged to pursue all other types of aid, including federal loans, before applying for a private loan as grant money is free and federal loans have a lower, fixed interest rate.
A student who has exhausted all other financial aid options may want to consider applying for an alternative educational loan.
Students can apply for this type of loan on their own if credit-worthy. If not, a credit-worthy cosigner will be required.
Students can borrow up to total cost of attendance minus other aid received.
Payments are deferred as long as the student remains enrolled at least half time. Interest does accrue while in school. It is strongly encouraged to pay the interest while in school and in fact, if a student chooses the Sallie Mae Smart Option loan, then he/she will be required to pay the interest while in school.
Listed below are UIndy's preferred private loan lenders. These lenders were chosen based on ease of application process, customer service, and approval rates. However, students do have the option to apply from any private loan lender.
Uindy's Preferred Lenders
Charter One -TruFit Student Loan
www.charterone.com/trufitstudentloan
Chase Bank - Chase Select Loan
www.chaseselectloans.com
Sallie Mae Smart Option Loan
(Must pay interest while in school)
www.salliemae.com/smartoption
Wells Fargo - Collegiate Loan https://www.wellsfargo.com/student/undergrad/collegiate/
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