Private loans are non-federal, credit-based education loans borrowed from a private lender that must be repaid.

Lenders offer private loans to assist with educational expenses for undergraduate and graduate students, parents, and international students. It is recommended that borrowers use their potential federal loan eligibility prior to exploring private education loans. The private loan is only included in your financial aid offer after the borrower has applied and been approved for the loan.

Helpful Tips: Consider a Monthly Payment Plan prior to borrowing a loan. Understand the differences between federal and private loans before borrowing.   


Each lender determines who is eligible for their loans. Typically, the student is the borrower with a credit-worthy cosigner required. The maximum loan amount you may borrow is either your cost of attendance minus any other financial assistance you receive or the loan limit established by the lender. 

Interest Rate and Fees

The interest rate, fees and terms for private loans vary and are determined by the lender.  Students considering a private education loan should carefully consider the terms and conditions of the loan prior to borrowing. 


The terms of repayment, such as when loan repayment starts, the term of the loan, how interest accrues, deferments, grace periods and repayment options vary for private loans and are determined by the lender.  

Requirements for Borrowers

  • Research private loans
    For your convenience, Middlebury has provided a list for you to compare and contrast different lenders. Fast Choice is a third party site that provides a neutral list of private education loan lenders that Middlebury College students have borrowed from previously.  Middlebury College does not endorse, recommend, or promote any of the listed lenders. Students have the right and the ability to select the private loan provider of their choice and are not obligated to utilize any lender listed on this list. Middlebury College will process a private loan from any lender, regardless of their inclusion on the list.
  • Apply for the loan with the lender of your choice.  
  • Complete loan paperwork and disclosures provided by the lender
    Federal regulations require all private loan borrowers to review a series of disclosures and complete the applicant self-certification form. The student may obtain a copy of the self-certification form from the private educational loan lender or here. Students will receive a finalized disclosure statement after their promissory note has been signed confirming the terms and conditions of their loan from the lender.