Private and College-Sponsored Loans Lockport IL

Students who do not qualify for federal financial aid or who need additional assistance, can apply for private loans.

Local Companies

First Midwest Bank
(815) 838-2000
800 S State St
Lockport, IL
Affinity Credit Services
(815) 834-2397
16537 W 159th St
Lockport, IL
Universal Cash Express Inc
(815) 334-1990
713 S Eastwood Dr
Woodstock, IL
Advance America Cash Advance
(309) 647-0250
113 N Main St
Canton, IL
Turner Acceptance Corp
(773) 539-8900
4454 N Western Ave
Chicago, IL
Fast Cash Advance
(708) 636-6000
8548 S Cicero Ave
Burbank, IL
Pls Payday Loan Store
(708) 544-2013
526 Mannheim Rd
Bellwood, IL
Americash Loans Llc
(708) 474-7448
17340 Torrence Ave
Lansing, IL
Security Finance
(217) 245-0909
402 W Morton Ave
Jacksonville, IL
Aastro Title Lenders
(708) 422-7400
95th St
Oak Lawn, IL

Private and College-Sponsored Loans Explained

Students in need of financial assistance for their education who either do not qualify for other student loan options or need more funds have the option of applying for private loans that are not part of the federal aid programs.

College-Sponsored and Private Student Loans

You might think your options for financial assistance are limited if you don't qualify for enough federal aid to cover your education costs. Both graduate and undergrad students are eligible for financial aid outside of federal aid programs. Many educational institutions and private lenders offer loan programs.

Loans from Your College

Check with your school's financial aid office to find out if your college or university has a student loan program to help pay for school. Many colleges offer loans and some even offer interest rates lower than those offered by the federal government programs. Your college may also offer a college work-study program that can help you cover your costs.

For example, one school offers its students a private loan program in conjunction with a local bank. It is available to U.S. citizens or permanent residents who are full-time students seeking a degree. The school charges a fee ranging from 3-5% of the total loan and allows students to borrow a maximum of $8,500 for the first and second year and $15,000 for juniors and seniors. Your college may have a similar program that could provide the assistance you're looking for.

Private Loan Options

There are a number of privately funded loans available for both undergraduate and graduate students. These programs are often credit-based and are not guaranteed by the federal government. Consequently, the interest rates are often higher than what you might find through your school or through federal programs, but are generally lower than credit card interest rates. Because of the higher interest rates, you should exhaust all other resources before you apply for a private loan.

Private loan options include those offered by the College Board Education Loan Program and Act® Education Loans. The College Board, a non-profit membership education association, offers students the Connect Loan, which is credit-based and allows students to borrow the full cost of their education, less any other financial aid, with no maximum limit. The Act® Education Loan offers students enrolled at least half time in a degree program at an approved school an affordable loan to help cover the cost of their education. The Act® program limits annual borrowing to $40,000 with a maximum of $130,000 for undergraduate students. Both loan programs give students the choice between immediate repayment, interest-only repayment, and deferred repayment.

Bank Loans
You might also wish to investigate loan options from your bank, credit union, or other private financial institutions. Again, these loans will often cost more than those offered through federal programs or by your school, so make sure you research all of your options. Loans offered by banks and private institutions are based on good credit and often have variable interest rates. Shop around for a bank loan--many lenders offer discounts and benefits to existing customers.

Sources:
CollegeBoard.com
NelNet College Planning
Grove City College
ActEducationLoans.com

Featured Local Company

Bay View Federal Savings & Loan Assn

414-744-1831
3974 S Howell Ave
Milwaukee, WI
http://www.baywiewfederalsavings.com

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