Private Loans for Graduate Students
Private Student Loans at Simmons
Private student loans are offered by banks, credit unions, and other private lenders. These loans can be a helpful financing option for students, particularly for those with good credit or a qualified co-signer.
Private loans are commonly used to supplement other financial aid and may offer competitive interest rates and flexible repayment options depending on your credit profile.
Private Loan Considerations
Private loans may be a good choice if you:
- Need additional funding beyond federal loan limits
- Have good credit or a creditworthy co-signer
- The minimum credit score for private student loans varies by lender, but lenders generally look for a FICO score of at least 670.
- Adding a cosigner with excellent credit to your application can help you get approved for a private student loan at a lower interest rate.
- Are not eligible for certain federal loan programs
- Prefer specific repayment terms or interest rate options offered by private lenders
Every student’s financial situation is different, and private loans can be one part of a thoughtful borrowing plan.
While both federal and private loans can help finance your education, there are important differences to consider.
Private loans typically:
- Are credit-based
- May offer fixed or variable interest rates
- Have terms and conditions that vary by lender
- May require a co-signer to secure favorable rates
- Offer lender-specific repayment options
Because private loan terms vary widely, comparing options is an important step in choosing the right loan.
Simmons partners with ElmSelect, an online loan comparison tool that allows students to explore private loan options from multiple lenders in one place. While we do not recommend specific lenders, ElmSelect contains our historical lender list to help you make an informed choice.
Using ElmSelect, you can:
- Compare interest rates and loan terms
- Review repayment options and timelines
- Explore co-signer requirements and release options
- Identify lenders that align with your credit profile
When reviewing private loans, credit is just one part of the decision. Students are encouraged to compare:
- Interest rates (fixed vs. variable)
- Loan fees
- Repayment options and timelines
- Co-signer release policies
- Deferment and forbearance options
Taking time to compare loans can help you choose an option that aligns with your financial goals.
How Much Can You Borrow?
Private loan amounts are generally limited to the cost of attendance minus other financial aid you receive. Final loan amounts must be certified by Simmons before funds are disbursed.
Borrowing only what you need can help you manage repayment after graduation.
Understanding Credit and Co-Signers
Your credit history plays a key role in private loan approval and interest rates. Students with limited or emerging credit may consider applying with a co-signer.
We encourage students to learn more about credit before borrowing, including how to build credit as a student and how to check your credit.
Learn more about how to manage credit and borrow wisely
Applying for a Private Loan
Each lender has its own application process. In general, students should:
- Compare lenders and loan terms
- Apply directly with the lender of your choice
- Did you know that you can “rate shop” - applying for multiple loans within a 30-45 day window will only show as one credit inquiry.
- Complete our Private Loan Request form
Once you apply, your lender will contact Simmons to certify your loan.
What Happens After You Apply?
After your application is submitted:
- The lender requests certification from Simmons
- Our office reviews and certifies the loan
- Approved funds are disbursed to your student account and applied to your bill
Processing timelines vary by lender, so applying with enough time is recommended.
Take a Thoughtful Approach to Borrowing
Private loans are a financial commitment, and understanding your loan terms is an important part of borrowing responsibly. Taking time to compare options and ask questions can help you choose a loan that supports your educational and financial goals.
If you have questions about how private loans work or how they fit into your overall financial aid package, we encourage you to reach out.
Office of Student Financial Services
Student Financial Services is here to assist students and families with managing the cost of higher education and questions about financing your education at Simmons.