Private Student Loans - Sallie Mae
Private loan is a credit based loan offered by banks, lending institution or credit unions to help families to bridge the gap between the financial aid package they receive and the total cost of college. These loans are borrowed by the students and sometimes require a credit-worthy co-signer. Private loan may have fixed or variable rates, and may accrue interest while you are enrolled in school or require repayment while you are still in college.
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Tips and Recommendations
- Before considering a private loan, make sure all federal, state and institutional financial resources have been exhausted.
- Compare federal and private loans at the Federal Student Aid website.
- Borrow only the minimum amount needed for the upcoming school year, minus scholarships, grants, federal student loans, family contribution from income and savings, and any other aid sources.
Choosing a private lender loan
While federal student loans should be your first choice, some students also choose to borrow from private lenders. No matter what you choose, we highly recommend you compare and research your options ahead of time to find the best fit for you and your family.
HIGHER EDUCATION ACT CODE OF CONDUCT FOR EDUCATION LOANS
Section 487 (a)(25)(A) of the Higher Education Act requires schools who participate in Title IV loan program to develop, administer, and enforce a code of conduct governing educational loan activities. The code of conduct shall prohibit a conflict of interest between the responsibilities of an officer, employee, or agent of the school and financial institutions with respect to such loans.
Ambria College of Nursing code of conduct prohibits:
- Revenue-sharing arrangements with any lender
- Receiving gifts from a lender, guarantor, or loan services
- Contracting arrangement providing financial benefit from any lender or affiliate of a lender
- Directing borrowers to particular lender(s), or refusing or delaying loan certifications
- Offer of funds for private loans
- Call center or financial aid office staffing
- Lender advisory board compensation