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Private Loan Programs

A private education loan is a credit-based loan that can be used to pay for education-related expenses up to the Cost of Attendance, for a specific academic year of enrollment. They typically supplement an award package that includes federal loans and/or grants and scholarships. In some instances where federal loans cannot be awarded, private education loans are used as the only source of funding.

Federal regulations require educational institutions to evaluate a student’s Federal Aid eligibility prior to the processing of a private loan. To determine your eligibility for the private loan you must complete and submit a FAFSA. If you do not intend to use any federal aid, you must complete and submit the Title IV Waiver Form to Drexel Central.

Eligibility for a private education loan is made by the financial institution you have applied to and can be based upon the following:

  • U.S. Citizen or permanent resident
  • Credit History
  • FICO Score
  • Debt-to-income ratio

A co-signer may be required in order to be approved for a private loan; please refer to your lender for details. Once the loan is approved, your lender will issue a disclosure statement detailing the loan agreement.

Selecting a Private Loan

You are encouraged to be educated consumers and review and compare all rates, terms and conditions prior to finalizing your lending program decision. A list of questions that should be asked when selecting a loan program is below:

  • Are there fees charged on the loan? If so, at what percent?
  • How often is interest capitalized? Does the capitalization change upon entering repayment?
  • Are there borrower benefits associated with the program? If so, what are they?
  • How often is a statement provided summarizing loan balances, interest accrual and the expected monthly payment?
  • How accessible are loan representatives via the phone?
  • What are your hours of operation?
  • How long has the company been offering educational loans?
  • How can payments be made (i.e.,US mail, phone, online)? Is there a fee associated with making payments online?
  • Does the program offer insurance on the loans?

Historical Lender List

Drexel University does not have a preferred lender listing for private loans. We recognize that you have many choices when considering a private loan; therefore, we have provided a listing of those lenders that Drexel students have utilized in prior years. This is not an all-inclusive listing and you are not in any way required to use any of the lenders listed below. You may choose a lender that best meets your needs and requirements. In addition to the list below, you can use general internet search engines to look for private loans.

Loan Name Lender  More Information 
Alaska Supplemental Education Loan

Alaska Student Loan Corporation (ASLC) 

ASLC Website
American Heritage Smart Option Loan

Sallie Mae 

American Heritage Federal Credit Union Website
Charter One TruFit Loan Citizens Bank  Charter One Website 
Citizens Bank TruFit Loan Citizens Bank Citizens Bank Website 
Connecticut HESLA Loan Connecticut Higher Education Supplemental Loan Authority (CHESLA) CHELSA Website 
CU Student Choice Private Loan Credit Union Student Choice Loans CUSC Website
cuScholar Private Loan cuStudent Loans cuStudent Loans Website
Discover Student Loan

Discover 

Discover Website
EdTrust Smart Option Loan  Sallie Mae  Sallie Mae Website
EDvestinU Loan  New Hampshire Higher Education Loan Corporation (NHHELCO)  NHHELCO Website 
Fifth Third Smart Option Loan  Sallie Mae  Fifth Third Bank Website
iHelp Student Loan  Student Loan Finance Corporation (SLFC) SLFC Website
M&T Smart Option Loan  Sallie Mae  MT&T Bank Website
MEFA Loan  Massachusetts Educational Financing Authority (MEFA) MEFA Website
MELA Loan  Maine Education Loan Authority (MELA) MELA Website
NJ Class Loan  New Jersey Higher Education Student Assistant Authority (NJHESAA) NJHESSA Website 
Penn East FCU Loan  Penn East Federal Credit Union (PEFCU)  PEFCU Website
PNC Solution Loan  PNC Bank  PNC Bank Website
Regions Bank Smart Option Loan  Sallie Mae  Regions Bank Website 
RISLA Student Loan  Rhode Island Student Loan Authority (RISLA) RISLA Website
SunTrust Custom Choice Loan  SunTrust Bank Suntrust Bank Website
Union Federal Private Loan  SunTrust Bank Union Federal Loan Website
VSAC Advantage Loan  Vermont Student Assistance Corporation (VSAC)  VSAC Website
Wells Fargo Educational Loan  Wells Fargo Bank  Wells Fargo Bank Website
Xtra Credit Alternative Loan  EdAmerica  EdAmerica Website