Private Loans

Private loans are not part of the federal student loan program and cannot be consolidated with federal loans. Interest rates on private loans are always variable and tied to an index such as the Prime or LIBOR. The cap on these loans can be as high as 25%. Private loans are always in the student’s name, based on credit. A co-signer is recommended for better rates even if the student qualifies on his/her own. For fixed rate loans, see our webpage on Parent PLUS loans. PLUS loans have a fixed interest rate of 7.9% with 2.5% fees. Repayment on PLUS loans can be deferred until 6 months after the student either graduates or drops below 6 units.

When considering a private student loan, ask the following questions:

  • What interest rate do I and my co-signer qualify for? What is the cap?
  • How often does the variable interest rate adjust?
  • Are there any fees or charges for the loan?
  • Is repayment deferred while I am in school? What about grad school?
  • Is there a grace period after graduation?
  • How often does the interest capitalize (the process of adding unpaid interest to the principal balance of a loan)?
  • If I use a co-borrower, when are they released?
  • Are there any pre-payment penalties?


Self Certification Form:
With all private loans, students are required to complete the Self Certification Form. The Cost of Attendance can be found on each student’s Self-Service account under Financial Aid Award. Look for the Total Cost of Attending under the Cost of Attending chart.

Recommended Lender Notice:
We recommend lenders based on the quality of the products and services they provide to students and students’ families. We have carefully considered our selections in order to provide you with the best lenders possible, but please note that you are not limited to the lenders on this list. In addition, none of the lenders below are affiliated with The Master’s College.

For help with these loans, contact the lender or Phil Anderson directly at (661) 362-2296, toll free at (800) 568-6248 ×2296, or by email at

Lender Loan Features

Citiassist Loan
  • - Variable interest rates from LIBOR + 2.75% to LIBOR + 9.00%.
  • - No origination fees.
  • - No payments required while in school or during the 6 month grace period.
  • - Borrower release option after 24 on-time consecutive monthly payments.
  • - 0.25% interest rate reduction for borrowers who enroll in auto-debit
  • Application & Disclosure Statement
Discover Private Loan
  • - Interest Rate: Prime + 0% to Prime + 6.25%.
  • - No origination fee.
  • - 0.25% interest rate reduction for enrolling in auto debit.
  • - 2% Graduation Reward.
  • - In School Deferment: No payments due until 6 months after graduation or enrollment in school less than half-time
  • Application & Disclosure Statement

Smart Option Loan
  • - Interest rates that start at LIBOR + 2% to 9.875% (APRs: 2.37% to 9.48%)
  • - No origination or repayment fees
  • - A 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly automatic debit payments
  • - Application for cosigner release after borrowers graduate and make just 12 on-time payments
  • - Visit for important information. Terms, conditions and limitations apply.
  • Application & Disclosure Statement

Collegiate Student Loan
  • - Choice of Fixed or Variable Rate Loan.
  • - Fixed Rate: currently ranges from 3.40% to 13.49%
  • - Variable Rate: 1-Month LIBOR + 2.60% to 1-Month LIBOR + 9.74%
  • - Choice of Repayment Option & Repayment Terms
  • - 0.25% rate reduction for borrowers who elect automatic payments
  • - 1% principle reduction per loan upon graduation
  • - No fees
  • Application & Disclosure Statement

Wells Fargo Collegiate Loan
  • - Prime + .25 % to Prime + 6.65 %. Plus a fixed rate option from 7.75% to 14.25%.
  • - No origination, disbursement, or repayment fees.
  • - 0.25% interest rate reduction upon verification of graduation.
  • - 0.25% interest rate reduction for auto debit from checking or savings account.
  • - Up to 0.50% additional interest rate reduction for qualified "relationship" with Wells Fargo.
  • - Co-signer release option available after making the first 24 consecutive on-time payments.
  • Application & Disclosure Statement

Union Federal Private Student Loan
  • - Competitive variable interest rates starting as low as LIBOR + 2.60% (APRs currently range from 2.799% to 9.028%)1
  • - No origination fees
  • - Choice of Repayment Option & Repayment Terms
  • - 0.25% rate reduction for borrowers who elect automatic payments2
  • - 0.25% rate reduction for making on-time payments3
  • - International students may apply with an eligible U.S. cosigner4
  • 1,2,3,4 For additional loan disclosures, please
  • Application & Disclosure Statement

TruFit Student Loan
  • - Variable: As low as LIBOR + 2.70%1
  • - Fixed: 6.75%-12.75%
  • - No origination fees
  • - 0.25% rate reduction for borrowers who elect automatic payments (0.50% if from a CharterOne account in a qualifying state)
  • - Option for borrower release after 36 consecutive payments
  • - Option of deferment while in school, residency/internships, military service, and financial hardship
  • Application & Disclosure Statement

The information in this document was gathered by the Office of Financial Aid at The Master’s College and is believed to be correct as of this printing, but is not warranted and is subject to change without notice. Check with your lender for details and conditions regarding eligibility. If you default on your loan and it is purchased by the guarantor, any interest reduction will no longer be applicable.
  • 21726 Placerita Canyon Rd.
  • Santa Clarita, CA 91321
  • (800) 568-6248
  • Come Visit Us!