Midwestern University is lowering interest rates for its private loan program.
“Midwestern University students can apply to finance a portion of their education with the aid of various loan programs, including the Midwestern University Foundation Loan,” according to a press release.
The university is reducing the interest rate on the Foundation Loan to 4.45% for all loans that originate and have a first disbursement after July 1.
The program also offers a further 0.25% reduction in interest for students who maintain an active ACH (Automated Clearing House) account for payments, reducing the effective rate to 4.2% while in repayment.
“In addition, the Midwestern University Foundation Loans continue to have no origination fees.
The Foundation Loans provide eligible full-time Midwestern students, who apply and meet the qualifications, with an alternative to the Federal Grad PLUS loan program to finance their graduate education,” said the release.
The Federal Grad PLUS loan currently carries a 5.3% interest rate and an origination fee of approximately 4.24% for loans originated subsequent to July 1.
“The university decided to lower the interest rate on the Foundation Loans and to continue to have no origination fees to directly benefit our students. The new rate will result in considerable savings throughout their academic career,” said Kathleen H. Goeppinger, president and CEO of Midwestern University.
“Midwestern University is dedicated to providing excellent educational opportunities, and the private student loan program offers a less-expensive borrowing option for our students.”
The University also offers many privately funded scholarships that are awarded to students for community service and excellence or are based on financial need.
Midwestern University has more than 7,000 students on its two campuses, in Glendale and Downers Grove, Illinois. For more information, visit midwestern.edu.