Private Scholarships
Private scholarships are abundantly available for students from organizations, foundations, companies, and individuals. Students can increase the probability they will be selected for private scholarships by increasing the number of applications submitted. Search for private scholarships on large online databases called clearinghouses, such as:
CollegeBoard.org
Fastweb.com
State of Michigan Scholarship Search
Private Loans
Choose loan programs you can live with long term. Government loan programs usually offer lower interest rates and more flexible repayment plans than most private/alternative loans. Maximize your borrowing from all federal loans before considering supplemental funds from a private loan. The limit on a private loan is equal to the cost of education minus other awarded financial aid.
A number of banks and lending institutions offer private loan funding to assist students with the cost of education. A co-signer may be required, depending on the student's credit history and credit worthiness. Borrow wisely and compare lenders to make a smart, long-term choice. Be wary of private loan offers which discourage you from working with your financial aid office, offer introductory rates, do not tie the loan interest rate to a fixed percentage of LIBOR or PRIME rate, or claim that you can apply and receive money immediately. OU will certify a private loan from any private lender. Many private loan options are available and students can choose to apply for a private loan with any banking institution of their choice. If students need to utilize loans, it is best to exhaust all federal loan options before seeking a private loan.
The following list represents lenders who provided loans to 5 or more Oakland University students according to a recent analysis of loans for the 2022-2023 year. This private lender list (arranged in alphabetical order) is reviewed periodically and is subject to change. Oakland University does not receive inducements or incentives from any private lender. Oakland University does not have relationships or agreements with any of the lenders listed here:
Consider these factors when shopping for a lender:
Eligibility
- Undergraduate, Graduate, Professional Development, Certification
- Satisfactory Academic Progress (SAP)
- Enrollment Requirements – ie., less than half-time
- International Students
Interest rate
- With or without a co-borrower (co-signer)
- Interest adjusted when and how
Fees
- Origination fees and other charges
- Prepayment
- Late fees
Borrower benefits
- Direct Debit
- Co-borrower release
- Graduation reward
Repayment terms
- When does repayment begin?
- Can principal and interest be deferred?
- When is interest capitalized?
- Maximum repayment period
Loan limits
- Minimum loan amount
- Annual and aggregate loan limits
- Allow loans for past balances (if applicable)
Service
- Responsive customer service
- Student focused
