Private Loans are offered by private lending institutions and are not guaranteed by the federal government. These funds are available to students who may not be eligible for federal financial aid or who may need to bridge the gap between the actual cost of education and their federal financial aid.
Other details include:
The lender will interpret credit history and other determining factors to see if the student is eligible. A cosigner is recommended in order to obtain the best rate and terms available.
Interest rates are normally variable and can change on a quarterly basis. Students are responsible for researching the terms and conditions of these loans.
Private loans are not federally guaranteed. Therefore, they do not have the same deferment, cancellation, and consolidation benefits as federal loans.
Private loan lenders are required to provide borrowers with three separate disclosure statements. Please read these disclosures carefully and be aware you have to actively accept the terms of your loan and complete a Self Certification form in order for the loan to be disbursed.
Bridgewater College does not have a preferred lender list or any preferred lender arrangements.
A student can choose to borrow from any lender that offers private alternative loans. Please use the self-certification form your lender sends you or provides online. If you need assistance completing the form or need a blank form, please contact the office of financial aid. Bridgewater College will certify (based on eligibility) a private/alternative loan from any lender the student chooses.
Alternative Loan Lenders
Below is a comprehensive list of alternative loan lenders from which students at Bridgewater College have borrowed during 2010-2013. Lenders that are no longer offering private alternative loans have been removed from the list. The list is in alphabetical order only. Bridgewater College does not endorse any lender and expresses no opinion with respect to any lender.
- *Apple Federal Credit Union
- *Aspire Federal Credit Union
- *Chartway Federal Credit Union
- Citizens Bank
- *CommonWealth One Federal Credit Union
- *Digital Credit Union
- *DuPont Community Credit Union
- *EdAccess (Credit Union Student Loans)
- *Langley Federal Credit Union
- Massachusetts Educational Financing Authority (MEFA) – MA Residents Only
- *Members 1st Federal Credit Union
- *Mid-Atlantic Federal Credit Union
- *NASA Federal Credit Union
- *Northwest Federal Credit Union
- *Pentagon Federal Credit Union
- PNC Bank
- Rhode Island Student Loan Authority (RISLA) - RI Residents Only
- Sallie Mae
- Union Federal Savings Bank
- Wells Fargo