Various agencies offer private student loan programs to law students. These programs are often offered by commercial banks and other lenders and are not funded by state or federal financial aid funds. The terms of lending, maximum loan amounts, schedules for repayment, interest rates, fees and qualifications are determined by each organization.
Students are strongly encouraged to consider the federal student loans and compare interest rates, fees, and repayment options such as deferment and forbearance of all loans. Other considerations when deciding on private loans are as follows:
- Apply with a credit worthy cosigner- Applying with a co-signer may provide you with an increased chance of approval and a more competitive interest rate.
- Do your research. Ask questions of your lender and find out which loan will benefit you the most.
- Know the interest rates, fees, and repayment terms before completing the application and promissory note.
- Monitor your total indebtedness. Check your credit report annually.
You have the right to select the private lender of your choice. FASTChoice allows you to compare lenders that Pitt Law students have used in the past. Neither the University of Pittsburgh nor the Financial Aid Office intends any specific endorsement, recommendation, or promotion of these products by including the lenders on this list. A private loan is an agreement between the borrower, co-signer (if applicable) and the lender. These private or alternative loans are available as an in-school funding option. Private and alternative loans are available in the amount of the difference between financial aid awarded ($20,500 through the Stafford loan and any scholarships you may have been awarded) and the Law School's cost of attendance. Approval of these types of loans are based on a credit check, therefore, we recommend checking on your credit status by obtaining your credit report before applying.
