Before You Apply

Before you borrow any money, you should clearly understand all aspects of what is expected of you and what rights you have as a borrower.

What to Know Before You Borrow (pdf)
  • Your Rights and Responsibilities
  • What is a Private Student Loan?
  • Loan Limits
  • Choosing a lender
  • Understanding Your Private Loan Interest Rate
  • What is a Credit Reporting Agency?
  • What is Credit Ready vs. Credit Worthy?
  • What is Credit Scoring?
  • Do I need a Co-Signer to Apply for a Private Student Loan?
  • Repayment Period
  • Repayment Incentives
  • Repayment
  • Interest Capitalization

 REMEMBER: Apply for the Stafford Loan before you apply for a private student loan.

Please have the following information available before applying for a private student loan:

  • student's social security number
  • student's driver's license number
  • two personal references (references must be from two different addresses)
  • H-SC's Federal School Code: 003713
  • current income and employment information may also be requested
  • credit worthy co-signers information, if applicable

When you visit the FastChoice private loan application tool, review each of the following steps as your loan funds cannot be certified and disbursed until all steps are completed.

  1. You will be presented with an historical list of lenders and their loan products, including terms and borrower benefits.  A side-by-side comparison feature is available for you to compare lender products.
  2. Once you have selected a lender, you are ready to apply. Please be aware that you will be redirected to the lender's online application. It is recommended that you print the completed Application and Promissory Note for your records.
  3. As part of the application process, your credit will be reviewed. If approved, you will be notified by the lender of the loan's approval. If your credit is denied, your lender may re-consider your application by adding a credit-worthy co-signer.
  4. Before loan funds can be disbursed to Hampden-Sydney, you must submit to the lender a completed private loan self-certification form. (This form should be made available to you by the lender.) The lender will notify you when the loan funds have been disbursed to Hampden-Sydney.
  5. You may fully or partially cancel a loan by contacting your lender.

APPLY NOW using FastChoice