Private loans are available to students through various lending institutions to help pay educational expenses. Private loans, which are not insured by the federal government, have repayment terms that vary depending on the lender from which you borrow. West Coast University encourages students to explore federal and state grants and loans, and to consider the anticipated monthly loan payments along with expected future earnings before considering a private education loan.  Federal student loans are required by law to provide a range of flexible repayment options and loan forgiveness benefits, which private student loans are not required to provide. The U.S. Department of Education provides a student loan repayment estimator online at studentaid.gov/loan-simulator.

Generally, private loans require that the borrower is a U.S. Citizen, a U.S. national, or a permanent resident and must be creditworthy. International students are eligible with a creditworthy cosigner (who must be a U.S. Citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation. If the student has no credit or a poor credit history, he/she may still qualify for a loan by applying with a creditworthy co-borrower. 

Most lenders expect you to have a qualified co-borrower before they will approve the loan.  Interest rates and repayment terms vary between private lenders.  West Coast University does not make any recommendations regarding private lender selection for students who decide to pursue private loan options.  Students may borrow from any lender.  Be sure to research and review each lender's terms and conditions before making a final decision.  A list of lenders previously used by WCU students is available at www.elmselect.com, along with terms and conditions for each private lender.  

Note:  Most private loans are borrowed in the student's name as primary borrower, although a cosigner may be required for approval.  Some private lenders also offer parent loans with anyone other than the student as the primary borrower.  Any remaining private loan funds on a student’s account after the student withdraws or otherwise leaves school will be returned to the lender, unless the student specifically requests that the funds be issued directly to the student as a stipend. In the case of a private parent loan, any remaining credit will be returned to the lender for the primary borrower unless that person authorizes that the funds be released as a stipend for living expenses.