Applying for a Private Loan

​​​To help you ensure that you’ve completed the necessary steps to receive a private student loan at DMACC, please follow this checklist:

​⬜ We recommend that you file your FAFSA as early as possible. The application is completed for FREE at fafsa.gov. View the Financial Aid checklist for more information about the FAFSA and processing at DMACC.​ Students in an eligible non-credit program which includes the Transportation Institute’s Truck Driver Training Program or the Summer Fire Academy are not required to complete the FAFSA.

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⬜ DMACC’s current Cohort Default Rate (CDR) is 2.6% which is below the national average of 3.7%. A cohort default rate (CDR) is the percentage of a school’s borrowers who enter repayment of federal student loans during a fiscal year and default within the cohort default period. ​Explore federal loan options before applying for private loans.

⬜ We recommend that you complete “Borrowing Essentials” on FASTChoice. ​FASTChoice will assist you in finding and comparing private loan options and assist in the application process.

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⬜ Complete a private loan application with the private lender. This can be done using FASTChoice​​, or by contacting the lender directly. If you are eligible for Federal Student Aid, this should only be done after you have reviewed your award offer from the DMACC Financial Aid Office. Note: DMACC does not recommend private loans when federal aid options are available.​ ​

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