Private Loans
Private education loans are credit-based consumer loans that can be used to pay for any post-secondary education-related expenses, including tuition, fees, room, board and other related expenses such as books and transportation. Always consider your lowest-cost options first, including grants, scholarships, and federal student loans.
Private education loans are available to help families fill the gap when paying for college. However, they should not be your primary funding source. Exhaust all of your other options, including Central’s monthly, no-interest payment plan, savings, summer work, student employment and outside scholarships before you borrow any type of private loan.
Central recommends that students and families read questions to consider before selecting a private loan.
Preferred Lender List Disclosures
In an effort to provide better counseling services to our students, Central College has entered into a preferred lender arrangement (PLA). Federal and state law mandate that as a preferred lender, we provide the following disclosures:
Lender Selection
To determine which lenders and loan options to present, Central College selected lenders who provide excellent customer service, interest rates, origination fees, borrower benefits, electronic application and processing. We also reviewed a historic list used by current and former students and lender reputation.
This list does not contain lenders affiliated with one another.
Students may borrow from any lender they choose and are not required to use a lender on Central’s preferred lender list. Central College will process loans from any eligible lender you select.
Central has published a student loan code of conduct that must be followed.
Maximizing Federal Financial Aid First
More information on maximizing Federal Financial Aid First.
Preferred Lender List
The Financial Aid Office is utilizing FASTChoice, a loan comparison tool offered by Great Lakes Higher Education Corporation, which allows students to compare up to three different loans side-by-side. Enter FASTChoice now to view private loan products that are a part of our preferred lender list.
Private Loan Next Steps
Once a borrower has been approved for a loan, it is very important to complete the necessary paperwork to continue the loan process:
Due to banking regulations, borrowers must complete a self certification form. Self-certification requires the following information:
- Central’s Cost of Attendance (COA) for the period covered by the loan. Please email Donna Newendorp for specific cost of attendance information.
- Your estimated financial assistance. Incoming students can access their financial aid award letter via Central’s Admitted Student Portal. Current students can access their financial aid award letter via WebAdvisor.
Notify the Financial Aid Office of both the lender’s name and the dollar amount being borrowed. The loan will be added to the student’s record as a pending source of financial aid. It will also serve as a mechanism that will allow us to follow up with the lender if the funds are not received in a timely manner.
Lenders require you to actively accept the loan prior to disbursement. Your lender will communicate this process to you directly. Follow up with the lender if loan proceeds are not received. After a certain time frame determined by the lender, the loan will be canceled if it cannot be disbursed due to missing paperwork.
Feedback
Preferred lender arrangements are reviewed annually to select lenders who provide the best services and loans for our students. Please provide feedback regarding your experiences when working with your particular lender. Feedback can be emailed to Donna Newendorp or call 641-628-5187.
Processing Tips
- Processing time will take from 20 to 30 days from application to disbursement.
- Loans are disbursed half in each semester. If you would like this adjusted, please email Donna Newendorp or call 641-628-5187.
- Please complete the entire loan process by Aug. 1.
