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Students who need additional
funds to pay college costs may wish to investigate private loans which may be
available to them. Private Student Loans should be the LAST resort as
they are more expensive than federal student and parent loans. These
non-federal loans are available from many sources. Interest rates, fees, and
payment plans are determined by the lender.
During the 2007-08 year more than
96% of Winthrop University students who obtained private student loans borrowed
from the following sources:
Other lenders may be used if they
participate in ELM Resources as Winthrop will utilize the services of ELM in the
processing of all Private loans.
Most students will be expected to have a credit-worthy co-signer to be
considered for these loans.
Remember that all aid, including aid received from these private loan sources
cannot exceed the cost of attendance at Winthrop minus any aid you receive,
including PLUS Loans received by your parents on your behalf. Also remember
that each lender sets it own interest rate or fee assessment based on the credit
worthiness of each borrower and his/her co-signer.
In certain special cases,
Private loans may be used to cover balances you may owe Winthrop from
previous terms.
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