Private educational loans are borrowed from banks or other financial institutions and are not guaranteed by the federal government. The terms, conditions, and eligibility requirements vary from lender to lender. Many private educational loan lenders offer several products based on a variety of circumstances.
Because private educational loans do not have the same protections and benefits as Federal Direct Loans, students must be cautious when considering borrowing a private loan. This should be a last resort option after federal aid options have been exhausted.
UNC Greensboro does not maintain a preferred private lender list, and instead provide access to ElmSelect, which is an unbiased search tool based on historical private loan usage at UNC Greensboro. Students can use this tool research different lenders and products offered by lenders along with terms, conditions, and eligibility requirements.
Students may not exceed cost of attendance with a private educational loan.