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This option of paying for school requires paying interest on the amount borrowed, may have additional fees associated with them, and may require a cosigner. It is a good idea to exhaust the other options first so as to lower your debt burden coming out of school, but for many students they are a viable option to close the funding gap.
It is recommended that students fill out the FAFSA to determine their eligibility and borrow through the Direct Loan (federal aid) program prior to utilizing private student loans due to typically lower, capped interest rates. Private student loans and unsubsidized federal loans accrue interest during the time the student is in school and is capitalized (added to the initial amount borrowed) at the beginning of repayment. Only on federal subsidized loans (not all students are eligible; FAFSA results determine eligibility) does the government pay the interest during the in-school period.
John Paul the Great Catholic University currently certifies loans from Sallie Mae and Wells Fargo to make private loans available to students. JP Catholic provides these partnerships as a convenience for students, but does in no way endorse Sallie Mae and/or Wells Fargo or require that a student get an educational loan from these lenders.
Important to note:
- Student is not required to make payments while in school—payments begin six months after leaving school.
- Most students will need to apply with a cosigner in order to meet Wells Fargo credit history, income, and employment requirements.
- Students applying for a student loan must do so through the lender’s websites:
- Wells Fargo Bank: www.wellsfargo.com/student.
- SallieMae: www.salliemae.com.