Carroll College, Helena Montana

Additional Loan Questions

Q: What is a private student loan?  
A: Private student loans are an additional resource available to families to assist in meeting college costs. 

Q: How do I apply for a private student loan loan?
A: For a faster application process it is recommended to apply online. For additional loan information visit the Financial Aid Award  page-STEP 3.

Q: When should I apply for a private student loan?
A: If considering a private student loan to assist with covering your outstanding balance, please allow up to 4-6 weeks for processing.

Q:Do I need to have a cosigner for a private student loan?
A: It depends on the student borrower's credit, income, and the bank on whether you need a cosigner.  Freshmen are generally required to have a cosigner.

Q: When do I begin repayment on a private student loan?
A: Most private student loan repayment begins six months after graduation or enrollment of less than 6 credits.  However, all bank are different and students should contact the lender to see when their loan repayment begins.

Q: Can I consolidate my private student loans with my federal loans?
A: NO

Q: Does interest accrue on private student loans?
A: Yes, interest begins to accrue when the loan funds are disbursed to the school.

Q: What are the interest rates on private student loans?
A: The interest rate depends on the lender, loan, and credit of the borrower and/or cosigner.