Private Educational Student Loans
The Lord Fairfax Community College (LFCC) Financial Aid Office recommends that students utilize federal student loans before considering private educational loans. Federal loans have lower fixed interest rates and also have deferment and consolidation options. Students who need further financing beyond federal student loan eligibility should select the loan that best meets funding needs and offers the best interest rate and borrower benefits. LFCC has no written or implied preferred lender arrangement with lenders on its list of possible lenders.
At LFCC, we believe families should have as much information as possible to make individual loan choices that are in their best interest. Many families find it challenging to gather accurate loan information to make the best borrowing decision. To assist you, LFCC maintains a list of possible lenders families may wish to include when comparing private loan options; however, borrowers are not limited to LFCC’s private lender list and may select a lender not on LFCC’s private lender list.
After a family has researched and selected the alternative loan of their choice, and once the lender approves the loan application, LFCC promptly provides loan certification information, so the funds can be credited as soon as possible to the student’s account.
The method and criteria used by LFCC when selecting lenders of private loans whose information we will share with students and parents are as follows, and students and families should compare loan options and seek lenders that offer the most favorable loan products as determined through:
- Loan Terms (e.g., interest rates, fees charged, and front end borrower benefits)
- Customer Service (e.g., timeliness of processing and disbursement, ease of application, web-based services)
- Savings Potential (e.g., rate reduction and/or consolidation options)
- Default Prevention (e.g., standards to help students maintain good account standing)
Examples of private loan lenders:
The alternative loan information we provide to students and parents is for their information in comparing loan options, and does not imply any particular endorsement or recommendation by LFCC regarding specific lenders. Please view the Code of Conduct for Educational Loans for more information on LFCC’s commitment to conducting ethical financial aid practices in the interest of students, and in compliance with applicable law. The Private Educational Loan Disclosures under the Types of Financial Aid section of LFCC’s Financial Aid web site provides additional facts regarding private educational loans.
Borrowers who have questions regarding federal or private student loans are encouraged to contact the Financial Aid Office for more information or individual assistance.