Private Loans and Lenders

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 College provide the following list of lenders that other Centenary College 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. Click here to download a copy of the Private Loan information sheet.

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.



Rate Type

Interest Rates



Discover Education Loan

Deferred Payment

3.37% - 11.24%



In-School Payment

3.37% - 11.24%


Fixed Rate




Variable Rate


PNC Solution Loan

Fixed Rate

6.49% - 12.99%



Variable Rate

3-Month LIBOR + 3.30% - 10.25%

Sallie Mae – Smart Option Student Loan

Fixed Rate

5.74% to 11.85%



Variable Rate

2.25% to 9.37%


Wells Fargo Collegiate Loan


Fixed Rate

6.17% to 10.93%



Variable Rate

2.93% to 8.60%


Wells Fargo Graduate Loan


Fixed Rate

 6.12% to 8.61%



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.

Staff Contact Info

Staff Information

Tonya Williams
Director of Financial Aid

Rebecca Rees
Assistant Director of Financial Aid

Eloise Murray
Financial Aid Counselor

Miguelinne Timoteo
Administrative Assistant of Financial Aid