Private/Alternative Loans
Before signing a private loan, please ensure that you have exhausted all federal and state grant and loan options.
If you decide to borrow a private student loan, compare interest rates and terms carefully. Many private education loans have variable interest rates, which may change unexpectedly, and tiered interest (so-called "tiered pricing") rates, the prices of which are based on your credit score.
In addition, in recent years fraudulent loan scams have become increasingly widespread and sophisticated. Especially when dealing with private lenders, NEVER send or wire money in advance of a thorough review of the lender and the loan terms. If you continue to have doubts about the legitimacy of a provider, please contact the Federal Bureau of Investigation (FBI).
To begin the private loan borrowing process, you may contact your college or university financial aid office or your own financial provider (bank, credit card company, etc.) to get a sense of your options.
Additional Resources
You may also wish to review the following resources for helpful links and loan providers:
Created 2/12/09: Information provided by ITD's Mass.Gov Office.