If you have exhausted all federal aid, scholarship, and grant options, you could consider applying for a private student loan or parent loan to cover the remaining cost of attendance. The best time to decide whether to apply for private loans is after you have been accepted to Casper College, applied for aid and received your award letter from our financial aid office.
The Free Application for Federal Student Aid (FAFSA) is not required for private loan applicants. However, submitting the FAFSA is recommended in order to have federal grant and loan eligibility determined before applying for a private loan.
Each lender will request different credit checks, cosigners, and academic enrollment requirements.
What’s the difference between federal and private loans?
- Federal loans are easy to qualify for and do not require repayment while you are in school. If you are a student, private loans usually require you to have a cosigner with a credit history, such as a parent or guardian, and may require repayment while you are in school.
- If you are a parent, some lenders only loan to students and require you to be a cosigner.
- Private loans require extensive credit checks.
- As a result of the required credit check for private student loans, federal loan interest rates might be lower than rates you’ll find on private student loans. If you have financial need, a portion of your federal loan may be subsidized, which means that interest will not accrue if you are attending school half-time or more.
- Federal loans offer various repayment options and provide deferment and forbearance options. Private loans may offer some flexibility but are usually less accommodating.
- Private loans can be used to pay a prior balance. Federal loans do not allow this.
How do I find and apply for a private student loan?
- Know your cost of attendance and subtract any financial aid you have already received. Any private loans you apply for cannot exceed this amount.
- Find a lender.
- Complete the lender’s application and self-certification form online at the lender’s website, along with any other of the lender’s requirements.
- When your loan is approved, the lender will notify Casper College and we will credit your bill with the loan amount.
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Have you submitted your FAFSA form?
While not required for private loan applicants, submitting the FAFSA is recommended in order to have federal grant and loan eligibility determined before applying for a private loan.
Complete the FAFSA online using your FSA ID (Casper College School Code: 003928). The priority deadline for applying for federal financial aid is early March for the fall semester and early October for the spring semester.