University of South Carolina

Financial Aid & Scholarships

Private Student Loans

Private Student Loans are nonfederal credit based loans, made by a lender such as a bank, credit union, or a state agency. Student borrowers apply directly with the lender of their choice and the application process includes a credit check for both the borrower and, in many cases, their eligible co-signer.

These programs have no specific federal oversight and may vary significantly in the terms and conditions they provide to the borrower. For example, private loans can have variable interest rates, which may substantially increase the total amount you repay. They also do not generally offer forbearance or deferment options, loan forgiveness programs, or other benefits that you may receive with federal loans. If you decide that you need to borrow a private student loan, we strongly encourage borrowers to carefully research available programs and lenders to assure that you will receive the most favorable loan terms.

Private loan applicants are required to read, sign, and return several disclosures, including a self-certification form, in addition to signing a promissory note. You are encouraged to follow your lender's instructions and to monitor the application process carefully. Most lenders will also require the school to certify the student's eligibility for a private educational loan.

For more information about how to apply, including a list of lenders our students have used in the last five years, please click here.

Click here to review Private Educational Loan Frequently Asked Questions.