Randolph College does not endorse or promote any lenders that offer private (or alternative) education loans. The Student Financial Services Office advises that private loans should be used as a last resort after all Federal loan options have been exhausted. Federal Loan (Title IV) program provisions may be more favorable than those of private loans. Private loans are offered by private lending institutions and are not guaranteed by the federal government. Students who are not eligible for federal financial aid or who need to bridge the gap between the actual cost of attendance and their federal financial aid may consider using private or alternative loans.
A lender will interpret a student's eligibility for a private loan based upon the credit history and other determining factors. A cosigner is strongly recommended in order to obtain the best rate and terms available. A cosigner assumes responsibility for a loan should the borrower fail to repay. [What makes a good cosigner?]
Interest rates vary and can change as frequently as monthly or quarterly. Students are responsible for researching and understanding the terms and conditions of these loans. Don't know where to begin? Click here for more information on comparing private loans.
Private loans are not federally guaranteed. Therefore, they do not have the same deferment, cancellation, and consolidation benefits as federal loans. It is important to understand all the terms and conditions of your private loan by carefully reading the Master Promissory Note (MPN).
Private lenders are required to provide borrowers with three separate disclosure statements. Please read these disclosures carefully and be aware that you must actively accept the terms of your loan and complete a Self Certification form in order for the loan funds to be disbursed.
A student can choose to borrow from any lender that offers private alternative loans; you are not limited to the lenders shown on the Alternative Lender List. Randolph College does not refuse to certify or delay the certification of any loan based on the borrower's selection of a particular lender. Please refer to our Code of Conduct for more information.
The list that follows describes alternative educational loans offered by private lending institutions. The list is in alphabetical order only and should not be construed to carry a recommendation by the College or the Student Financial Services Office of a particular lender. Lenders were chosen based upon previous demonstration of solid customer service to our students and families, and a history of commitment to the student loan industry, in addition to a review by the Student Financial Services Office of their terms and borrower benefits. When you have decided on a lender, click on the lender name to proceed to the next step. Should you wish to work with a lender not listed here, you may certainly do so; for more information, please contact the Student Financial Services Office.
For a list of Alternative Loan lenders, begin here.