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Otis strongly encourages students and their families to take advantage of federal loans before borrowing private loans. Parents should consider the advantages of a fixed interest rate, forbearance opportunities and tax benefits of a Parent PLUS Loan
Private loans are offered by lenders to credit-worthy students to meet educational expenses not covered by financial aid. The terms for private loans vary according to each lender. It is the student's responsibility to research and decide which loan is most advantageous. The Otis FastChoice Tool contains a list of lenders that students have used in the past. The chart serves the sole purpose of guidance and students are highly encouraged to be vigilant consumers regarding their student loans.
A few items to keep in mind about private loans:
You must complete the application before the Financial Aid Office receives notification for certification. The amount for which you may be eligible depends upon the cost of attendance minus any financial aid you may be awarded and accepted.
It is the student responsibility to communicate with the Financial Aid Office regarding the approval and need for certification. Delay of funds may occur due to several factors, so please budget accordingly.
Otis College of Art and Design makes no representations, warranties or guarantees that the financing options presented in this site are the most attractive terms available to any particular student.
Students and parents have the right and ability to select the education loan provider of their choice, are not required to use any of the current lenders, and will suffer no penalty for choosing a lender that is not included on the list of previously used lenders. Funds are disbursed by the lender on a per semester basis.
A private loan self certification will be required before lenders will send your approval to the school. You will need a few information for the self certification in "Section 2: Cost of Attendance and Estimated Financial Assistance". The information needed is located in the Otis Self Service. Use your Otis X Number and Otis PIN.
A co-signer is a person who agrees to take on the responsibility for your private student loan debt, should you fail to repay.
An ideal co-signer should have the following qualifications: