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Private education loan interest rates vary over the life of the loan, and lenders may charge extra for expenses and fees, in addition to the amount you borrow. Some loan programs require students to make interest payments while they are in school. These loans may have less favorable repayment terms than federal or state loans, and often they cannot be consolidated with federal loans once you are done with school. Students enrolled at least half-time in a degree or certificate seeking program, and who have been making satisfactory academic progress, generally meet most private loan programs' academic and enrollment eligibility requirements-requirements that UMD must certify for the lender once your application has been credit-approved. Some lenders that once provided loans to non-traditional students no longer do so. The lender you choose may credit-approve your application but deny the loan once they receive school certification required for disbursement of loan funding. If any of the following enrollment statuses describe your situation, read about borrowing from a private education loan program before applying for a loan. |
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