Private Loan Information
Private Educational Loan Information
Private loans are an additional way that a family can choose to finance their Wheaton College education. We strongly encourage families to consider all the ways to pay for their education before applying for a private alternative loan. Please be sure to review the Department of Education's publication Federal Aid First to learn about the Federal Loan programs before you apply for an alternative loan.
Preferred Lender List
Wheaton College invited lenders to provide information about their products through a Request for Information (RFI) process. The Office of Student Financial Services reviewed the information submitted to identify loan products that offered our families competitive rates, customer service, and borrower benefits. Our Preferred Lender List will be reviewed each year and updated when necessary.
Wheaton College’s Office of Student Financial Services does not receive, and will not accept, inducements from lenders in exchange for inclusion on this list.
Please keep in mind that our Preferred Lender List is not all-inclusive. All borrowers have the right to select a private educational loan from any lender or agency they choose. Wheaton will process any private educational loan application submitted to the college. Your local bank, credit union, or state loan agency may be another source to consider before choosing a private loan program. Most lenders will require a co-borrower for a private student loan. In many cases, having a co-borrower will lower the interest rate and fees that a student is charged on the loan.
You may also want to consider your home state’s educational financing agency. In New England, the higher education financing agencies are:
Here are some things you might want to consider when determining which loan option is best for you:
What is the interest rate based on: prime rate, Libor, something else?
How long is the repayment period?
What are the fees?
Does the lender offer any repayment benefits?
Who is the primary borrower of the loan? Will I need a cosigner?
Is the loan deferred while the student is still in school?
You may also want to compare interest rates, borrowing limits, and credit requirements.
