Alternative/Private Loan Programs
We strongly encourages you to pursue all state, federal, and institutional aid available to you first in financing your New England College education. If you need additional financing after exhausting these sources or if you do not qualify for federal loans there are several lenders who offer alternative/private education loans. The terms and conditions of private loans may be less favorable than federal loans. Approvals of private loans are typically based on your credit rating and debt-to-income ratio and may require a co-signer.
New England College does not maintain a preferred lender list. The below list represents the private lender programs used by our students during the previous school year. New England College will process your financing options from any participating lender program.
We encourage you to thoroughly research lenders to ensure you receive the best rates and services that meet your needs. Make sure to compare borrower benefits ranging from origination and default fees that can reduce the initial cost of the loan as well as benefits to save money during repayment such as auto-debit interest rate reductions. Interest rates are typically variable, which means they can change monthly and rates vary amongst private lenders. For current Prime and London Interbank Offered Rate (LIBOR) information, please go to www.bankrate.com.
Alternative/Private Loans used by NEC borrowers during the 2010-2011 academic year
Chase Select Private Student Loan
CitiAssist Student Loan
Citizen’s Bank TruFit Student Loan
CT Higher Education Supplemental Loan Authority
Digital Credit Union Student Choice Loan
Discover Student Loans
Holy Rosary Credit Union Student Choice Loan
Massachusetts Educational Financing Authority Loan
Sallie Mae Smart Option Student Loan
Wells Fargo Collegiate Loan
This list is not an endorsement by the college, you are welcome to chose any private lender.