What are private loans?
Private education loans are offered by some banks and credit unions. Each lender sets its own interest rate and fees, often higher than those of federal loans. In addition, the borrower (student, parent, or co-sponsor) must meet the lender’s borrowing criteria and may have to provide a cosigner.
We encourage students to borrow private loans as a last resort, only after exhausting their eligibility for all federal, state, and university aid.
Choosing a lender is an important financial decision. We encourage you to extensively research your private lending options to identify the lender whose terms best fit your circumstances and borrowing needs.
The following is a list of criteria that should be considered when selecting a lender:
- Interest Rates: Interest rates charged (fixed or variable) during loan repayment.
- Fees: The percent of fees, if any, charged to borrow an alternative loan.
- Amount: Only borrow what is needed to keep your loan debt at a minimum.
- Co-Signer Release: Length of time a co-signer can be released from repayment responsibilities.
- Repayment: Options differ per lender and are separate from federal student loans.
Southeast does not endorse or promote any private student loan lender or lending program. Borrowers may choose any eligible, participating lender.
Private Loan Comparison Tool
Southeast Missouri State maintains a historical list of private lenders who have provided funds to our students within the last three academic years and continue to participate in the Private Student Loan Program. This list is not all-inclusive, nor does it infer any preference to these lenders. You may research lenders on your own or access our historical list through the private loan comparison tool below.