Private loansIf you have exhausted your eligibility for Federal Direct loans or are ineligible for a Grad PLUS loan and need supplemental funding, a private educational loan program may be available to you to help finance your education.
These private loans are offered by banks or other financial institutions, and the terms tend to be less favorable than either the Federal Direct Stafford or Graduate PLUS program, but are generally more favorable than credit card terms. Private educational loan programs have a separate application process but must be certified by Indiana Law’s financial aid officer.
Securing a private education loan is a function of a good credit rating. A poor credit history could result in not being able to obtain one of these loans. Be sure to obtain a copy of your credit report to identify any items that might need resolution before you apply for a private educational loan.
You can obtain a free annual credit report from any of the three major credit bureaus: Equifax, Experian, and TransUnion. Oftentimes, students will find that they must obtain a cosigner in order to qualify for the most favorable credit terms offered by a private lender.
There are various private educational loan programs available to law students. Here is a link that may help you get started in your search: Private Loans.
If you are initially denied a private education loan for credit reasons, you are encouraged to speak with Paul Leopold, our financial aid director, for other possible private educational loan programs that might have less stringent credit criteria.