Private Educational Loans

Students may choose to borrow from a private source to assist in covering out-of-pocket expenses. Students should look to federal sources first, applying for aid using the FAFSA before considering a private loan. Do your research. Compare interest rates and fees associated with the loan. Read the terms carefully. Understand the costs associated with borrowing these funds.

If you borrow a private loan, please understand that the amount you may borrow is limited by your cost of attendance less any other financial aid you receive. Most private loans require the Financial Aid Office to “certify” the loan, meaning, we verify to the lender your enrollment and the loan amount, which cannot exceed your total cost of attendance. 

The lenders linked on this page have provided loans to our students in the past or have expressed an interest in offering their loan product to Lake Erie College students. We have set up an electronic process with these lenders for ease of disbursing these loans to your student account. You have the right to choose any lender you like for a private loan, outside of this list. If you do choose another lender, please inform the Financial Aid Office so we may facilitate your disbursement and provide the certification if required.   

Private loans require credit. Most students do not have established credit and the loan note will require a co-borrower. Students with credit may benefit by having a creditworthy co-borrower on the note to reduce the interest rate. 

SMART Option Loan from Sallie Mae (various lenders)

The Sallie Mae Smart Option Student Loan(SM) is a new private loan that helps students save money, build good credit, and pay off student loan debt faster. A private, credit-based loan for undergraduate and graduate students, this loan helps fund education expenses not already covered by federal student loans. Designed to reduce the overall loan costs and help shorten the amount of time it takes to pay off the loan, the Smart Option Student Loan features interest-only payments while in school and repayment terms based upon the cumulative outstanding Sallie Mae-serviced private student loan balances and the borrower’s academic grade level. Visit www.SallieMae.com/SmartTerms for important information about SMART Option benefits. To apply:  SMART Option Loan on Sallie Mae’s Open Net  

The Liberty Elite Loan – Liberty Bank

The Liberty Elite loan offers loan options for students attending Lake Erie College at least half time. As a Northeast Ohio based community bank, Liberty Bank strives to give back to the local community by providing rates and fees that often beat the national competitors. This loan is serviced by Campus Partners. For more information and to apply, visit https://liberty.myeducationalloan.com/campus/initial.do?channelKey=Liberty

Xtra Credit Loan from EdAmerica
(Application available after July 1st.)

EdAmerica offers the Xtra Credit alternative loan to at least half-time enrolled, degree seeking undergraduate students. The Xtra Credit loan benefits include automatic deferment of interest and principal payments while in school and no prepayment penalty. This loan can be used to pay past due balances.  For more information and to apply, visit www.edamerica.net and select private loan options. 

TruFit Loan from Charter One
The TruFit Student Loan offers a choice of repayment; immediate, interest only or deferred.  Students must be enrolled at least half-time in a degree seeking program.  Loan amount is a minimum of $1,000.  For more information and to apply:  www.charterone.com/trufitstudentloan

Collegiate Loan from Wells Fargo

The Collegiate Loan is a deferred repayment student loan.  They offer borrower rewards and competitive interest rates.  For more information and to apply www.wellsfargo.com/student/loan