FAQ on Private Education Loans (PVLs)
Do PVLs have a loan fee?
What is the interest rate?
Is there a grace period before repayments begin?
When do I begin repayments?
The lender said they sent the certification request to Cedarville, but it is not showing on Financial Aid account.
First, please check your (the student’s) Cedarville email, as our office may have requested the student do something first before Financial Aid can continue with the certification. If no email is found, please email firstname.lastname@example.org with the following information: student name, Cedarville ID, privacy permission code word (if the parent is emailing on behalf of the student), and the question.
What is the difference between a Federal Parent PLUS loan and a PVL?
|Interest Rate||Fixed; Changes each July 1. See our Loan Interest and Loan Fee Rates page for the updated number.||Fixed and Variable; Initial rates are offered as a range until borrower completes initial data.|
|Loan Fee||Changes each October 1. See our Loan Interest and Loan Fee Rates page for the updated number.||Most lenders do not have a loan fee, but may vary.|
|Repayment Responsibility||The borrowing parent||The borrower, whether that is the student (and cosigner, if applicable) or parent.|
|Approval Requirements||Parent borrower must not have adverse credit history.||Generally based off of an established credit score, however some lenders take other factors into account.|
|Early Repayment Penalties||Not penalized for early repayment||Most offer set in-school payment plans, however check with the lender for their specific requirements.|
Provided by Cedarville University – Financial Aid Office (updated 10-07-2020)