Normandale Community College

Private Lending for Higher Education

Welcome to FastChoice

All students should begin the financial aid application process by completing the Free Application for Federal Student Aid (FAFSA). If you require more financial assistance than appears on your award letter, you may apply for additional student loans from private education loan programs. These loans may have higher interest rates than federal loans and generally should be considered as a borrowing option only after all federal loan eligibility has been exhausted.

Eligibility for private loans is based on the creditworthiness of the borrower and/or co-signer. Normandale Community College will not recommend, and will not refer students to, any specific private student loan program. FASTChoice is provided as a way to compare loan options for a number of common lenders and choose the loan that best fits your needs. The lenders listed are those who have most commonly provided private loans to our students over the past three years.

Under the Truth in Lending Act rules, private education loans are subject to self-certification, three consumer disclosures at specific times in the application process, and a three-day delay in disbursement. Due to the number of steps involved in the private loan application process, applicants should allow a minimum of three weeks for processing.

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Searching for a Private Loan?

There are many ways to pay for higher education, and choosing the right approach requires a good understanding of your options, your responsibilities, and the various details of each lender's loan products.

It's a lot to keep in mind. FastChoice makes it easy by providing you with information about private loans in an easy-to-understand format, to help you determine which private student loan best meets your needs.

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Borrowing Essentials

Borrowing Essentials provides an interactive overview of some basic information about borrowing money to pay for your education.

The next few pages will quickly get you up to speed. Having a good understanding of these topics will help you get the most out of what you borrow on the best possible terms. You'll be better equipped to make an informed decision.