What you should know before borrowing a private education loan:

Grants, scholarships, work opportunities, outside scholarships, Stafford and Grad PLUS loans may be available to you and should be fully explored prior to applying for private education loans. Wesley encourages all students to file the Free Application for Federal Student Aid (FAFSA) and be considered for any available federal loans before applying for a private education loan.

Private education loans are credit based and sometimes require a co-signer. The interest rates are typically variable and while payment is usually deferred until after graduation the interest is not subsidized while the borrower is in school.

Most students at Wesley are able to sufficiently meet their borrowing needs with both Stafford and Grad PLUS loans. The only two instances where a private education loan should be utilized:

  1. The student is not meeting Satisfactory Academic Progress (SAP)and therefore does not qualify for federal loans
  2. The student is not enrolled at least half time (5 credits per semester) and therefore does not qualify for federal loans

However, make sure you meet the eligibility requirements for the loan before you apply. Some private education loans require students to be at least half time, but SAP is not part of the criteria, while others may require SAP but will lend to students attending part-time.

Wesley is committed to offering students the best possible assistance to meet the cost of attendance. As a service, the seminary has completed the research necessary to identify reputable lenders that provide competitive interest rates and outstanding service to borrowers.  However, borrowers have the right to select the education loan provider of their choice. Students are in no way penalized for choosing a lender that is not on Wesley’s preferred lender list. Wesley’s Financial Aid Office will certify a loan with ANY lender chosen by the borrower. Our preferred lender list just serves as a guide or starting point for research into the best option for the borrower.

To be selected by Wesley as a preferred lender, the lender must meet the following criteria:

  1. Lenders must offer a competitive set of loan products and rates with no hidden fees
  2. Lenders must provide excellent service and toll free customer service numbers
  3. Lenders must respond quickly and efficiently to the needs of Wesley students
  4. Lenders must comply with minimum disclosure regulations published by the Department of Education
  5. Lenders must comply fully with the Wesley private education loan Code of Conduct.
  6. Lenders who fail to comply with the criteria on this list may be removed

Code of Conduct PDF

To Apply for a Private Loan Visit Here

https://choice.fastproducts.org/FastChoice/home/146400/1

 

 

 

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