We recommend that, before you look at borrowing through a private loan, you should maximize your Federal Loan (Federal Direct Subsidized Stafford, Federal Direct Unsubsidized Stafford, Federal Direct Grad PLUS) eligibility.
To learn more about each program's potential rates and fees, please review the Truth in Lending Act (TILA) Application and Solicitation Disclosure provided below:
You may compare the benefits offered by our preferred lenders by going to the lenders' website and searching for their loan information. Please remember that you are not required to use one of our preferred lenders.
When applying for a private loan you may be asked to provide your lender with a loan period. Some lenders may have a default loan period for a academic year; however, here is how Dominican breaks down a loan period:
Summer 2012 Only: 5/21/2012 to 7/27/2012
Fall 2012 Only: 8/20/2012 to 12/07/2012
Spring 2013 Only: 1/22/2012 to 5/15/2013
Summer 2013 Only: 5/27/2013 to 8/2/2013
Summer 2012 to Spring 2013: 5/21/2012 to 5/15/2013
Fall 2012 to Spring 2013: 8/20/2012 to 5/15/2013
Fall 2012 to Summer 2013: 8/20/2012 to 8/2/2013
Variable interest rates
Fixed interest rates
When you borrow a private loan, you have the right to cancel your loan before it disburses as well as after your loan disburses. It is important to work with the Financial Aid Office as well as your lender to ensure this process is completely efficiently and accurately. Interest rates and fees typically begin accruing after the first disbursement. You may be responsible to pay interest/fees after a loan has disbursed, even though you have returned funds. Again, each lender has their own terms and conditions, so it is important to know the return/cancel deadlines to avoid repayment of accrued fees.
As a borrower, you can also cancel or decrease present or future disbursements. For example, if you attend the Fall term and know you will not be returning for the Spring term, make sure to contact our office and your lender to cancel your Spring disbursement. If you know you will be half-time or have changed your mind as to how much you would like to borrow, please contact the Financial Aid Office and your lender.
Remember you are the responsible party signed to a private loan and have rights and responsibilities.
Private loan borrowers may choose any lender that participates in school certified loans. The Dominican Financial Aid Office encourages you to compare the benefits offered by different lenders so that you can make an informed choice.
In deciding who is included on the list above, we have considered several factors:
Customer Service- Our preferred lenders have provided consistently excellent service to our borrowers for many years. These lenders have agreed to work within Dominican's processing structure and can insure a prompt turnaround time.
Borrower Benefits- Our preferred lenders offer competitive benefits from varied interest rates to special loan option programs.
Student Demand- If a significant number of Dominican students request a lender that is not on our list, we will evaluate that lender for future inclusion. If we notice that a lender is no longer popular with our borrowers, we may consider removing them from the list.
Our preferred lender list is reviewed once a year. The Dominican Financial Aid Office does not and will not accept inducements for lenders in exchange for inclusion on the preferred lender list.
Dominican does not share in the profits from the student loans. Borrowers are welcome to choose any participating lender, regardless of whether it appears on our preferred lender list.