Before applying for a private loan, students should complete the Free Application for Federal Student Aid (FAFSA) to determine if they are eligible for federal financial aid.
Eligibility for private loans is based on the eligibility of a borrower and/or co-signer. Private loans may have higher interest rates than federal loans and should only be considered as a borrowing option after all federal loan eligibility has been exhausted. Selecting a private lender is the responsibility of the student. Anoka-Ramsey makes a private loan search tool - FASTChoice (link is already on the page) available to students to compare loan options for a number of lenders so that they can choose the loan that fits their needs. Anoka-Ramsey Community College does not endorse any one lender; a student may choose any private loan lender they would like. The lenders listed on the FASTChoice website are lenders who have most commonly provided private loans to Anoka-Ramsey students over the past three years.
Under the Truth in Lending Act rules, private education loans are subject to self-certification, three consumer disclosures at specific times in the application process, and at least a three day delay in disbursement. Due to the number of steps involved in the private loan application process, applicants should allow a minimum of 3 weeks for processing.
This information is intended to be accurate, but the publisher does not assume liability for errors or omissions.