Rhodes students and parents often wish to borrow non-federal educational loans, called "Private Loans" (also known as alternative loans), to help with college expenses. Numerous lending institutions offer private educational loans, which may be combined with federal loans, up to the cost of attendance.
Advice for private loan borrowing:
- If you must borrow, we advise students and parents to fully utilize federal educational loans and the monthly payment plan before borrowing a private or alternative educational loan. Terms and conditions of the loans within the federal student loan programs may be more favorable than private or alternative loan provisions.
- Be very careful about responding to any unsolicited loan materials/information you receive in the mail or via email. Colleges and universities can be one of your best resources for information on alternative loans, so please contact us before responding to "Direct-to-Consumer" marketing materials from lenders.
- All private educational loans that are not certified by Rhodes must be reported to our office so that we may account for that funding in the financial aid package. This is per U.S. Department of Education guidance.
- Remember that you may choose any private loan lender you wish. Please research each product fully. If you have any questions or have any problems, please contact us.
Rhodes maintains a historical lenders’ list, which includes private educational loan products our students have used over the past five (5) years and still offer educational loans. Please note that this list is not inclusive, ordered by preference or an endorsement of any specific lender:
- Discover Student Loans, 1-800-STUDENT
- Sallie Mae Student Loans, 1-866-972-5004
- SoFi Private Student Loans, (855) 456-7634
- SunTrust Bank, 1-866-763-6350
- Thrivent Federal Credit Union, 1-866-226-5225
- Wells Fargo EFS, 1-877-566-6733
If you have questions, please contact: Office of Financial Aid Phone: 901-843-3278 (local) 800-844-5969 (toll-free) Email: firstname.lastname@example.org