Private Education Loan
A private education loan is a credit-based consumer loan that can be used to pay any education-related expenses, including tuition and fees, books, and transportation. When the lender has determined if the student meets the approval criteria, the lender will contact Drexel for the school certification. After the certification has been provided, the lender will issue a disclosure statement detailing the loan agreement. If you request to borrow an amount that exceeds eligibility, Drexel will reduce the requested amount to comply with federal guidelines.
- The borrower or co-borrower must be a U.S. citizen or permanent resident with an established credit history
Annual Loan Limit
- Up to the total unmet need listed in your financial aid award, unless lender has a lower loan limit
Cumulative Loan Limit
- Determined by applicant's credit history
- Interest begins to accrue from the time the loan is disbursed
- Determined by applicant's credit history, can be as low as $0
- At the beginning of each term of enrollment, including co-op
- The student or sponsor is responsible for repayment
- Length of repayment varies by lender
- Conditions for repayment and deferment vary by lender
How to Apply
Private education loan lenders offer different borrower benefits, so Drexel encourages you to explore your options before selecting a lender.
1. Select a Lender
You are free to select any lender you wish; however, Drexel has selected a number of lenders who offer the best benefits and services for our borrowers. Review our Recommended Lender Policy to learn more about the process we used to arrive at our selections.
2. Complete a Loan Application
- If you have chosen one of Drexel's recommended lenders, follow the application instructions on the Borrow Smart website or call your chosen lender directly to complete an application.
- If you would like to choose a lender not found on the Borrow Smart website, complete the loan application directly with your chosen lender. The lender will then forward your application to Drexel.