Private loans are designed to help students who need additional assistance with educational costs. In most cases, it is advantageous for parents to pursue Federal Direct PLUS Loans or a student to pursue a Stafford Loan before seeking a private loan. A major advantage of these two programs is that the federal government caps the interest on the loans.
If a student still needs assistance beyond what is available through these loan programs, there are a number of private lenders who offer supplemental loans to cover educational expenses. The private loans listed below are not based on need, and they can replace a portion of the Expected Family Contribution. Loan approval is generally based on creditworthiness and ability to repay. The maximum that may be borrowed is the difference between cost of attendance and other financial aid.
Each lender offers different rates, fees, repayment terms and approval requirements. Rose-Hulman suggests students carefully investigate the loan terms and conditions before choosing a lender. Rose-Hulman does not endorse any of the following lenders, and you are not required to borrow from one of the loans listed below. These merely represent the lenders which our current students utilize. We highly recommend you select the lender that fits your needs and wants.
Due to recent legislative changes, students applying for a private educational loan are required to complete the Private Education Loan Application Self-Certification Form available through lenders' websites. You will need to know the cost of attendance at Rose-Hulman.
Go to ELMSELECT website to compare your loan options.