We encourage students to utilize the maximum availability in federal loan eligibility before borrowing through an alternative private student loan. However, each family’s borrowing needs are unique and for those who decide to pursue a private alternative loan, Carleton College provides a recommended lender list. Due to the large volume of alternative private loan lenders, we take a two-part process to determine our final recommended list. We first look at the highest volume lenders for our current students and parents over the last three years and then review the current criteria for each lender. Our major considerations include eligible borrower (parent and/or student), type of interest (fixed/variable), and current interest rates. The second step in our review is to research new lenders who may offer a unique product not reflected in our current recommended lenders. The same considerations are included for any potential additions.
Please note that students can seek loans using any lender they choose. Our recommended lenders are only suggestions, and we will not hamper any student nor parent from using other lenders. However, we have prepared a recommended list because our students and parents continue to ask us to provide them with direction when choosing a lender. The student loan business is very competitive and can be confusing. So, it is not surprising that many students seek advice from us and place their trust in our recommendations. We take that trust seriously, and we believe we have earned that position with our students.
It is our intention in the SFA Office to continue our efforts to provide our students with all possible resources including grants, scholarships, student employment, and loans. We welcome your comments and questions by contacting us at 507-222-4138 or at financialaid@carleton.edu.