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Private Loans

Private loans are offered by many lending institutions and are designed to assist students and families with meeting college expenses.  Private loans are credit-based and should only be considered after exhausting all federal loan options first, or if the student is not eligible for federal aid.  Borrowers should carefully compare interest rates and borrower benefits offered by each lender before making a selection.  The maximum amount that a student may borrow in a private loan is the cost of attendance minus all financial aid received.

We recommend that students apply for a private loan with a co-signer.  A co-signer assumes responsibility for a loan should the borrower fail to repay.  Having a co-signer on the loan often results in a lower interest rate and reduced fees.  What makes a good co-signer? 

Students will need to provide the lender with a Private Loan Self Certification Form before the loan can be disbursed.  The lender may have this form as part of the application process.  If not, please download it here and submit it to the lender with your application.
Private Loan Self Certification Form

Lender Information

The following is a list of lenders whom W&M students have used during the past 5 years and are expected to be lending during the 2012-13 academic year.   This list is in alphabetical order and thus has no ranking.   You may wish to use a lender that does not appear on this list and you are welcome to do so.  Our office will certify a private loan from any lender that the student chooses.  Please allow at least 4 weeks for your private loan to be processed.

AMS - http://www.salliemae.com/smartoption/ams  
Charter One Bank - http://www.charterone.com/student-services/
Chartway Federal Credit Union - http://chartway.studentchoice.org  
Citizens Bank - http://www.citizensbank.com/student-services
Digital Federal Credit Union - https://dcu.studentchoice.org
Discover - http://www.discoverstudentloans.com
Nellie Mae - http://www.salliemae.com/smartoption/nelliemae
NJCLASS - New Jersey Class Loan - http://www.hesaa.org/Pages/NJCLASSLoans.aspx
Northwest Federal Credit Union - https://www.nwfcu.org/college/
PNC Bank - http://www.pnconcampus.com/studentloanguide/privateloans/default.aspx
Rhode Island Student Loan Authority - http://risla.com/
Sallie Mae - http://www.salliemae.com/WM
South Carolina Student Loan Corp. - http://www.scstudentloan.org/applyforloan.aspx
Suntrust Bank - http://www.suntrusteducation.com 
Vermont Student Assistance - http://services.vsac.org/wps/wcm/connect/VSAC/vsac/pay+for+college/funding+sources/loans/vsac+-+pay+-+funding+sources+-+loans+-+vsac+fixed+rate+private+education+loan
Wells Fargo - http://www.wellsfargo.com/student
Widget Financial - http://widgetfinancial.studentchoice.org/