Private loans


A private loan is a last resort and is not recommended. Be sure all other federal loan options have been exhausted before taking out a private loan for school. 

SPC requires that U.S. Citizens and/or permanent residents first complete a FAFSA and apply for a Federal Direct Stafford Loan before applying for private loans. Federal Direct Stafford Loans have lower interest rates and offer borrowers better terms and conditions than private loans. See a Plain Language Disclosure for Direct Subsidized Loans and Direct Unsubsidized Loans.

Students are urged to speak with a Financial Assistance Counselor for guidance when considering their loan options.

Private students loans are not guaranteed by the federal government, require a credit check and often a co-signer. Loan terms and conditions vary significantly by lender. Carefully consider your financial needs and then select the loan product that best meets both your individual situation and your financial need.

When researching private loans, you should pay close attention to the borrower benefits, fees, interest rates and repayment options. To calculate the interest, lenders typically use the LIBOR Rate average, Prime Rate, or the 91-Day T-bill.  

Reasons to consider a private loan

Private student loans provide a choice when circumstances necessitate one. Consider a private student loan if:

Apply for a private student loan at SPC

  • How do I apply for a private student loan? 
  • Private loan lender list 
    • A neutral, comprehensive list of lenders (interest rates, terms, conditions and other benefits are available on the lender list)
    • These lenders utilize our electronic procedures to speed up the delivery of loan proceeds
    • SPC receives no financial benefits from any of these lenders
    • Students and their parents are free to select a lending institution of their choice
    • Students and their parents are not required to use a lender on the link above
    • You may choose a lender other than those listed
    • SPC will promptly certify any loan from any institution selected by a borrower
    • Remember that federal loans have lower interest rates and offer borrowers better terms and conditions than private loans
    • SPC abides by the St. Petersburg College Student Loan Code of Conduct to avoid any potential conflict of interest
    • International students will require a US Citizen or Permanent Resident to co-sign

Private loans