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PRIVATE OR ALTERNATIVE LOANS Some private financial institutions offer education loans that do not require the FAFSA form. While we recommend federal aid first, we realize it does not always cover the cost, especially for more expensive schools. Private loans will almost always require a cosigner and may have higher fees or interest rates depending on your credit. Ask your financial aid office if they have a list of lenders for you to consider. If your school does not maintain such a list, you can search for lenders on your own. Compare products before making your choice: look at interest rates, fees, repayment terms, creditworthiness requirements, satisfactory academic progress requirements, etc. Students and parents are free to choose whichever lender best fits their needs – even if it is not on a school’s preferred lender list. Before going out on your own and making any final decisions on how to fill the gap between your aid and your expenses, we recommend that you meet with a representative in your financial aid office to determine what campus resources might be available. You might still have time to change some of your choices before the semester begins: • Can you change the type of meal plan you chose? • The type of housing? • The number of classes in which you are enrolled? Check with campus officials to see if you still have time to select a different, more affordable option.
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