Private Education Loans
You are encouraged to apply for all federal and state grant and scholarship aid by filing the Free Application for Federal Student Aid (FAFSA) form before considering loan options.
Savannah Technical College no longer participates in the Federal Direct Stafford Student Loan program. As an alternative, we work with Georgia Student Finance Authority to offer the State funded Georgia Student Access Loan – Technical (SAL-Technical) and a few lenders are offering private education loan assistance for short-term and two-year programs of study.
For more information on the Georgia State funded Georgia Student Access Loan – Apply Now! Student Access Loan-Technical is first-come, first-serve. You must be a Georgia resident, enrolled in at least six credit hours, and meeting satisfactory academic progress to be eligible.
It is important to note that Private Education Loans should be used as a last resort to pay for education expenses and require you meet satisfactory academic progress standards. Private Education Loans are different from Federal Direct Stafford Loans in that they are not guaranteed by the federal government, require a credit check, and often require a co-signer. Interest rates, terms, and conditions can be significantly different depending on your credit rating and the lender you select. Consider your options carefully before you apply for a loan.
Savannah Tech offers an online loan comparison tool for you to use called FASTChoice . FASTChoice is designed to assist you in making the educational loan choice that is best for you and provides a side-by-side comparison of the lenders, loan terms, interest rates, repayment options, and the ability to apply online. FASTChoice is not a lender. Please keep in mind that you may select any lender of your choice, even if they do not appear on FASTChoice.
Savannah Technical College selected these lenders to be on the FASTChoice Lender List for the following reasons:
- Competitive borrower rates and terms
- Loans are offered to community college students
- Funds are sent electronically (EFT) when possible
- Easy online application process
- Longevity and stability in private loan lending
To learn more about Private Education Loans, visit FASTChoice.
You will apply for the loan of your choice. Once approved, the lender will notify the financial aid office and we will determine the amount you are eligible to borrow. The amount you may borrow is based on a number of factors, including cost of attendance, other sources of financial aid you are receiving, and if you are enrolled full-time or part-time. After determining the amount you are eligible to borrow, we will certify your loan. The process can take up to 3-4 weeks from the time you apply until funds are received by the school from the lender.
Once the loan proceeds are received by the college they will be disbursed to your STC student account and your outstanding charges, if any, will automatically be deducted from the loan funds. Any excess loan funds (credit balance) remaining after all charges are deducted will be issued to you as a financial aid refund.
Loan funds will be disbursed according to the regular disbursement schedule each semester. Loan funds are disbursed or paid to the college two (2) weeks after the start of the semester (or minisemester). Financial aid and Loan refunds are made available to students approximately four (4) weeks after the start of the semester.
Private Education Loans cannot be used for advance purchases in the bookstore.
Savannah Technical College does not endorse or support any specific lender or student loan program/product and does not have a preferred lender agreement with any of the lenders provided.