Private Loans

Missouri S&T encourages students to take advantage of all sources of federal, state and university aid before turning to private loans (also called alternative loans). Private loans do not require students to submit a FAFSA, are based on credit-worthiness, and have variable interest. Private loans must be repaid separately from federal loans once students are no longer enrolled at least half-time. At this time we are not able to suggest a particular lender to you.

Helpful tips:

The following is a list of criteria that should be used when selecting a lender:

  1. Interest Rates: Interest rates charged during loan repayment
  2. Fees: The percent of fees, if any, charged to borrow a private loan
  3. Approval Rate: The relative approval rates of loan applicants
  4. Co-Signer Release: Whether or not a co-signer can be released from repayment responsibilities after a certain number of repayments
  5. Customer Service

Things to consider before borrowing a private loan:

  • Private loans are designed to help students with educational expenses after all federal, state, and institutional aid has been received.
  • Students are responsible for all interest charges.
  • Most private loans will require a credit worthy co-signer.
  • Private loans may have higher interest rates than federal loans. For the current prime and LIBOR rates, go to
  • Interest rates can be variable or fixed and have no cap.
  • Private loans cannot be included in a federal consolidation loan.
  • Each time you apply your credit is reviewed.
  • If you plan to attend graduate school, check with your lender to determine if your loan can be deferred.

Application process:

When completing the application, you will be asked to supply a loan period. Loan periods include:

NOTE: summer term always requires a separate application

  • August to May for the full year
  • August to December for fall only
  • January to May for spring only
  • June to August for summer only

Historical lender list:

Missouri S&T maintains a historical list of all private lenders who continue to participate in the Private Student Loan program and who have provided funds to Missouri S&T students since the spring semester of 2017. These alternative loans are governed by certain federal regulations but are funded through a private lending institution.

Choosing a lender is an important financial decision. We encourage you to extensively research your private loan lending options to identify the lender whose terms best meet your needs. This list is not inclusive of all lenders whom offer private loans nor does it infer any preferences to these lenders. The lenders in the list are in no specified order, and the order of the list does not imply preference for a particular lender. Missouri S&T does not endorse any lender. You may choose any private loan lender you prefer whether or not they are listed on the website below.


FASTChoice is an online loan comparison solution, customized for S&T, to help students make the right educational loan choice. FASTChoice is not a lender and the site is an independent, web-based, student loan comparison tool. You can apply online directly from the website. Please remember that you can choose any lender that you wish even if they are not on the FASTChoice web page.