Alternative or Private Loans
What Are Private Education Student Loans?
Doane College offers several funding options for you to pay for your college education. We recommend that you and your family review all the options and then determine the best one/s for your situation. It is best to exhaust all of your Federal financial aid options before considering a private education loan.
A private education loan is a non-Federal loan borrowed from a bank or lending institution. Loan terms, rates and fees vary upon the lender. Interest rates and fees are based on the borrower's credit score and/or the co-signor's credit score. Most dependent students will not be able to obtain a private loan without a qualified co-signor.
Private Education loans may offer lower rates compared to a Federal PLUS loan, however you may be subject to interest rate risk if choosing a variable interest rate private loan. Private education loans may not offer as many deferment, forbearance, and repayment options as the Federal PLUS. Therefore it is up to the student and/or the parent to determine which type of loan suits the needs of the family's situation.
Below is a historical listing of national alternative loan lenders in alphabetical order. The lenders listed have provided Doane College students a private loan/s during the past 3 years. Doane College does not endorse any such loan provider nor do we have any type of relationship with any lenders offering private education loans. Doane College does not participate in any way in determining the creditworthiness of the student and/or co-signer leading to the approval or denial of a private education loan.
NOTE: There are many local and regional lenders and credit unions that offer private education loan programs. We encourage students to do their own research to determine which loan program is best suited for his/her needs.
Important Information for Borrowers with Private Education Loans:
(disclosure statement information)
Doane College does not make private education loans to students. However, students may obtain private education loans from a commercial bank or other type of private lender.
The lender must provide the student disclosure statements
1) at the time application for the loan is made
2) At the time the loan is approved
3) Prior to disbursement.
The borrower has 30 days to accept the loan from the time it has been approved. The lender will instruct you on how to accept the terms of the loan.
The lender will send another disclosure form three days (six if by postal mail) prior to loan disbursement. The borrower will have 3 days to contact their lender to cancel the disbursement.
The borrower must complete a self-certification form and is responsible for returning the form to the lender. The self-certification loan is available from your lender or through the Financial Aid Office at Doane College. The loan cannot be disbursed until this form is returned to the lender and all other loan requirements have been met. The borrower is responsible for ensuring all proper documentation has been returned to the private education lender.
Private Education Loan Applicant Self-Certification (PDF)