There are, in general, three types of loans online college students could borrow: (1) Federal Student and Parent Loans, which are subsidized. (2) Private Loans, and (3) Loans directly from your educational institute.  All three types of loans are covered in the next column, with examples, explanations and also lists of lenders, whether they are governmental or private institutions.


Here are the rankings of American cities based on their population.  In general, the bigger a city is, the more opportunities exist for finding private loans (the second type of loan in the next column), though this would have no effect on federal loans (the first type of loans covered on this page):


Ranking. Name, State: Population

1. New York, New York: 8,084,316 

2. Los Angeles California: 3,798,981

3. Chicago, Illinois: 2,886,251

4. Houston, Texas: 2,009,834 5

5. Philadelphia, Pennsylvania: 1,492,231

6. Phoenix, Arizona: 1,371,960

7. San Diego, California: 1,259,532

8. Dallas, Texas: 1,211,467

9. San Antonio, Texas: 1,194,222

10. Detroit, Michigan: 925,051

11. San Jose, California: 900,443

12. Indianapolis, Indiana: 793,645

13. San Francisco, California: 764,049

14. Jacksonville, Florida: 762,461

15. Columbus, Ohio: 725,228

16. Austin, Texas: 671,873

17. Memphis, Tennessee: 648,882

18. Baltimore, Maryland: 638,614

19. Milwaukee, Wisconsin: 590,895

20. Boston, Massachusetts: 589,281

21. Charlotte, North Carolina: 580,597

22. El Paso, Texas: 577,415

23. Washington DC, Columbia: 570,898

24. Nashville-Davidson, Tennessee: 570,785

25. Seattle, Washington: 570,426

26. Fort Worth, Texas: 567,516

27. Denver, Colorado: 560,415

28. Portland, Oregon: 539,438

29. Oklahoma, Oklahoma: 519,034

30. Las Vegas, Nevada: 508,604

31. Tucson, Arizona: 503,151

32. New Orleans, Louisiana: 473,681

33. Long Beach, California: 472,412

34. Cleveland, Ohio: 467,851

35. Albuquerque, New Mexico: 463,874

36. Fresno, California: 445,227

37. Kansas, Missouri: 443,471

38. Sacramento, California: 435,245

39. Virginia Beach, Virginia: 433,934

40. Mesa, Arizona: 426,841

41. Atlanta, Georgia: 424,868

42. Oakland, California: 402,777

43. Omaha, Nebraska: 399,357

44. Tulsa, Oklahoma: 391,908

45. Honolulu CDP Hawaii: 378,155

46. Minneapolis, Minnesota: 375,635

47. Miami, Florida: 374,791

48. Colorado Springs, Colorado: 371,182

49. Wichita, Kansas: 355,126

50. Arlington, Texas: 349,944

51. Santa Ana, California: 343,413

52. St. Louis, Missouri: 338,353

53. Anaheim, California: 332,642

54. Pittsburgh, Pennsylvania: 327,898

55. Cincinnati, Ohio: 323,885

56. Tampa, Florida: 315,140

57. Toledo, Ohio: 309,106

58. Raleigh North, Carolina: 306,944

59. Buffalo, New York: 287,698

60. Aurora, Colorado: 286,028

61. St. Paul, Minnesota: 284,037

62. Corpus Christi, Texas: 278,520

63. Newark, New Jersey: 277,000

64. Riverside, California: 274,226

65. Anchorage, Alaska: 268,983

66. Lexington-Fayette, Kentucky: 263,618

67. Stockton, California: 262,835

68. Bakersfield, California: 260,969

69. Louisville, Kentucky: 251,399

70. St. Petersburg, Florida: 248,546

71. Jersey City, New Jersey: 240,100

72. Birmingham, Alabama: 239,416

73. Norfolk, Virginia: 239,036

74. Plano, Texas: 238,091

75. Lincoln, Nebraska: 232,362

76. Glendale, Arizona: 230,564

77. Greensboro, North Carolina: 228,217

78. Hialeah, Florida: 228,149

79. Baton Rouge, Louisiana: 225,702

80. Garland, Texas: 219,646

81. Rochester, New York: 217,158

82. Scottsdale, Arizona: 215,779

83. Madison, Wisconsin: 215,211

84. Akron, Ohio: 214,349

85. Fort Wayne, Indiana: 210,070

86. Fremont, California: 206,856

87. Chesapeake, Virginia: 206,665

88. Henderson, Nevada: 206,153

89. Lubbock, Texas: 203,715

90. Modesto, California: 203,555

91. Chandler, Arizona: 202,016

92. Montgomery, Alabama: 201,425

93. Glendale, California: 199,430

94. Shreveport, Louisiana: 199,033

95. Des Moines, Iowa: 198,076

96. Augusta-Richmond, Georgia: 197,842

97. Tacoma, Washington: 197,553

98. Richmond, Virginia: 197,456

99. Yonkers, New York: 197,234

100. Grand Rapids, Michigan: 196,595

101. Spokane, Washington: 196,305

102. Irving, Texas: 196,119

103. Durham, North Carolina: 195,914

104. Mobile, Alabama: 194,862

105. Chula, Vista: California 193,919


Whether you are an undergraduate or a graduate student, there are several loans opportunities for you if you are attending or planning to attend an online college or university. Especially if you were unable to find scholarships for online colleges, loans might be the option to go with.

The first thing you need to learn about online college loans is that, just like offline college loans, there are several types of them, which are summarized below:

1. Federal Student and Parent Loans

2. Private Student Loans

3. Student Loans Offered by the Online College itself. 


Below, we explain these one by one, and list resources for each type for your convenience:


1. Federal Student and Parent Loans:

These are low-interest loans provided by the US Department of Education.  There are several different types of federal loans for college students, some of which are explained below:


- Federal Family Education Loan Program (FFELP): Both students and parents can borrow from several institutions, such as banks, student loan companies, credit unions, or other private lenders.


- Federal Stafford Loan Program: These are subsidized loans available for both undergraduate and graduate students. Both online and offline university and college students are eligible to apply. The interest rate is currently 6.8% for first time borrowers.  Currently, students are eligible to borrow up to $2,625 as freshmen, $3,500 as sophomores, and $5,500 for juniors and seniors.  The loans are need based and the actual amount will depend on criteria such as the number of hours enrolled and the number of terms attending. If the amount borrowed is not enough, parents of dependent students may borrow through the PLUS loan program:


- PLUS Loan Program: Both graduate students and parents of dependent undergraduates attending online colleges can borrow from this program.  The interest rate is currently 8.5%.  Each parent (of dependent students) can borrow up to a maximum of the student's unmet costs, minus any types of aid or scholarships the student might be getting.  Note that a credit check might be performed on the parent to establish creditworthiness.


- Federal Perkins Loans: These are the loan types that are usually gotten directly from your home institute, and are available usually for undergraduates only.  The interest rate is currently 5%.  These loans are given to students with exceptional need, and is quite restricted in that each online college gets only a limited amount of money to be distributed to their students. The amount of the loans vary, depending on financial need, but they cannot exceed a maximum of $4,000 per academic year.


2. Private Student Loans:

These are unsecures (i.e. no collateral required) bank loans with competitive interest rates.  One must usually be enrolled at least half time to be eligible. And the amount varies, but is usually available to a maximum of all costs, minus all other financial aid available.  Note, however, that, as with Federal PLUS Loans (see above), lenders of private student loans usually perform a credit check to determine creditworthiness. You could apply for these loans through FAFSA on the Internet, but you should perhaps first calculate your estimated financial aid with the financial aid officer at your school. Note also that when you apply for a private loan, you will be told immediately afterward whether your loan application is approved or not.  Your loan approval and interest rates are usually dependent upon the results of your credit check. Here is a comparison chart for some of the well-known private loan lenders. (The information for graduate students might be different):


- CHASE: These loans can be used for tuition, books, living expenses, and even for previous school balances.  CHASE loans charge no origination or repayment fees.  Finally, here are the current interest rates: Prime + 0% to Prime + 7.50% for students with no co-signers and Prime - 0.50% to Prime + 7.00% for students with a co-signer.


- Sallie Mae Education Trust:  Offers flexible repayment options.  Repayment is up to 30 years, with $50 minimum per month.  Fees are between 0% to 6%, and the interest rate is Libor + 3.25% to 10.5%.  One needs to be enrolled at least as a half time student to be eligible to apply.


- Wells Fargo Collegiate Loan: Students can borrow up to the entire cost of their education.  There are no origination, disbursement, or repayment fees.  Interest rates are as low as Prime + 0%.  There is a 15-year repayment term, and payments start 6 months after you graduate. 


3. Loans offered directly by online colleges and universities:

These are loans that are offered by your educational institute. For your convenience, we've listed some of the well-known online colleges below that may offer some kind of loan programs. You should contact their financial aid office:

  • A.T. Still University

  • AIU

  • Academy College

  • Art Institute Online

  • Ashford University

  • Aspen University

  • Assumption College

  • Athabasca University

  • Azusa Pacific University

  • Baker

  • Bowling Green State University

  • Bryant & Stratton College

  • California Coast University

  • California Southern University

  • Capella University

  • Centenary College

  • Chamberlain College of Nursing

  • Coleman College

  • Colorado Technical University Online

  • Columbia Southern University

  • Concord Law School

  • Court Reporting Institute of Dallas Online

  • DeVry University Online

  • Eastern Kentucky University

  • Ellis College of New York Institute of Technology

  • Fielding Graduate University

  • Florida Hospital College of Health Sciences

  • Florida Tech University

  • Gardner-Webb University

  • Globe University and the Minnesota School of Business

  • Gonzaga University Online

  • Grand Canyon University

  • Grantham University

  • ITT Technical Institute Online

  • Indiana Business College

  • Indiana State University

  • International Academy of Design and Technology Online

  • Iowa Central College

  • Ivy Bridge College Of Tiffin University

  • Jacksonville University

  • Jones International University

  • Kaplan University

  • Keiser College eCampus

  • Keller Graduate School of Management

  • LeTourneau University

  • Liberty University

  • Lincoln College

  • Loyola University

  • Marylhurst University

  • NYU - School of Continuing and Professional Studies - New York (undergraduate Degree)

  • National American University Online

  • National University

  • New England College

  • New England Institute of Technology

  • Nichols College

  • Norwich University

  • Online Learning through Everest College at Phoenix

  • Penn Foster Career School

  • Pinnacle Career Institute

  • Post University

  • Rasmussen College Online

  • Regis University Online

  • Salem International University

  • Santa Barbara Business College

  • South University Online

  • St. Joseph's University Online

  • St. Leo University

  • Sterling College

  • Strayer University Online

  • The George Washington University

  • The University of Liverpool

  • Thunderbird - The Garvin School of International Business

  • Tiffin University

  • University of Cincinnati

  • University of Maryland Baltimore County

  • University of Notre Dame

  • University of Phoenix

  • University of Scranton

  • Upper Iowa University

  • Utica College Online

  • Villanova University

  • Virginia College Online

  • Walden University

  • West Coast University

  • Western Governors University (WGU)

  • Western International University

  • Westwood College Online


In sum, three types of loans are available for online college students, and all three have been listed above.  You should contact your educational institution for more and up-to-date information.


Copyright 2008-2011  Internet-Colleges.Net. All rights reserved.
Privacy Policy | Terms Of Use