Private student loan programs are another way of assisting with financing your college expenses. They can help cover additional costs not covered by federal financial aid. A private student loan can be used to pay for normal tuition expenses, but can also cover books, supplies, housing expenses, school fees, transportation, and more.
All private student loans require a credit check for the primary borrower. Generally, a co-signer is required on the application. Adding a credit worthy co-signer will help increase the chances for approval, and could lower the interest rate on the loan. Private student loan interest rates are variable and based on the Prime or LIBOR index plus a margin for borrower credit.
Bowie State University does not offer a preferred lender's list; students are free to borrow from any lender they choose. We encourage students to review lender terms and conditions carefully and consider the benefits and repayment information before choosing a lender.
Many lenders recommend that borrowers maximize their federal aid first.
The Higher Education Opportunity Act of 2008 added to the Truth-in-Lending Act, requiring that before a private educational lender may consummate a private education loan at an institution of higher education, the private education lender must obtain a completed and signed self-certification form from the applicant.
It is the practice of Bowie State University to have all students, including those who are only applying for private loans to complete the Free Application for Federal Student Aid (FAFSA). BSU will provide the information needed to complete the form directly to the private educational lender. In cases where the lender does not request the information for certification, you may contact the office for information on the Private Education Loan Self Certification form.