A Few Words about Choosing a Private Educational Loan Lender…

After exhausting all opportunities available from the federal and state aid programs, many parents and students will consider private loan programs as a source of funding. As always, taking on debt for any reason should be done deliberately and only for the amounts needed. If you plan to borrow a Private Educational Loan, you will need to select a lender. The lender is the institution from which the money is actually borrowed.

All lenders are not the same. It pays to make an informed decision when selecting a lender. You will be entering into a long-term relationship with the institution. Reasons for selection of a particular lender vary from person to person. Some choose based on name or brand recognition or reputation. Others prefer the immediate benefit of below-market processing fees. Still others are interested in borrower benefits in repayment, like an interest rate reduction as a reward for making consecutive on-time payments. We encourage families to use the lender and the loan product that best meets their needs.

To assist students and parents in this decision, Centenary University provide the following list of lenders that other Centenary University students have used in the past few years. This list, which is intended only as a guide, is provided to help students and parents choose a reputable lender with a reliable educational loan product.

Please note you are not required to use one of these lenders and may apply for a private education loan with any lender that you choose.


Loan Rate Type Interest Rates Phone Website
Discover Education Loan Deferred Payment 3.37% – 11.24% >1-877-728-3030 www.discoverstudentloans.com
In-School Payment 3.37% – 11.24%
NJCLASS Fixed Rate 4.99-7.85% 1-800-872-6970 www.hesaa.org
Variable Rate 4.51%
PNC Solution Loan Fixed Rate 6.49% – 12.99% 1-800-762-1001 www.pnconcampus.com
Variable Rate 3-Month LIBOR + 3.30% – 10.25%
Sallie Mae – Smart Option Student Loan Fixed Rate 5.74% to 11.85% 1-800-472-5543 www.salliemae.com/centenary
Variable Rate 2.25% to 9.37%
Wells Fargo Collegiate Loan  Fixed Rate 6.17% to 10.93% 1-800-658-3567 www.wellsfargo.com/student
Variable Rate 2.93% to 8.60%
Wells Fargo Graduate Loan Fixed Rate  6.12% to 8.61% 1-800-658-3567 www.wellsfargo.com/student
Variable Rate 2.97% to 8.74%


*Please note that only the NJCLASS Loan and the Sallie Mae – Smart Option Student Loan are available for past balances of up to 365 days or 1 year.

**Please note that only the Sallie Mae – Smart Option Student Loan is also available to students who are in a non-degree program.

As part of the application process, students will be required to complete the Private Education Loan Applicant Self-Certification Form available through their lender’s website. Information needed to complete this form, such as cost of attendance, may also be obtained from NetPartner.