Private aid is aid funded by an external organization. This aid can be in the form of grants, scholarships or loans.
Private Grants & Scholarships
Grants and scholarships are typically considered as gift aid that you will not be required to repay. Many grants and scholarships can be combined, so you should seek out and apply for as many as you can. There are thousands of options available, but some will have very specific eligibility criteria.
Private loans are based on your credit history and must be repaid. Students are encouraged to avoid taking out private loans if possible because these loans usually have higher interest rates and are not eligible for federal repayment plan options. Students should also carefully consider the interest rates, loan fees and terms of the program before making a selection.
Most institutions have an online application followed by a credit check. Once the school is notified, the school will certify the loan amount. The student most likely will then be required to complete either an online or paper promissory note. Private loans may be used in place of PLUS loans.