The One Big Beautiful Bill Act (OBBBA) introduces significant changes to federal student aid beginning July 1, 2026. Under the One Big Beautiful Bill Act (OBBBA), the option to borrow Grad PLUS loans will be eliminated as of July 1, 2026 for incoming pharmacy students and current students who have not borrowed under the Federal Direct Loan Program.
What does this mean for you? Students who seek additional loan funds may apply for “private” or “alternative” loans. Because you have been identified as a new borrower by the Dept. of Education, a “private loan need” will be offered to you as part of your award package.
Students should first exhaust their eligibility for the federal unsubsidized loan and scholarships before applying for a private loan. The interest rate and repayment terms on federal loans are more advantageous to the student than those of private loans. We encourage students to accept their financial aid award offers first before applying for their private loan need.
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Common Features to Private Loans
- Since private loans are credit-based, approval may depend on credit history. Students who do not have established credit may need a cosigner.
- Interest rates, fees, and repayment options vary by lender and rates can be fixed (stay the same) or variable (fluctuate over time).
- The annual percentage rate (APR) includes fees and gives you a more complete picture of the loan's cost.
- Some lenders charge upfront origination fees; others don't.
- Some lenders require payments while the student is still in school, while others allow deferred payment.
- Borrower protections: Look at grace periods, forbearance options, and cosigner release policies.
- Students are often able to borrow up to their full COA.
- Small rate reductions are often offered for borrowers who enroll in automatic payments.
- Loan terms are often customizable, allowing borrowers to choose length of repayment, payment structure, and type of interest rate.
- No matter what type of loan you choose, it is important to do your research and stay educated.
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Private Loan Lenders
- ETSU Bill Gatton College of Pharmacy has partnered with FASTCHOICE to offer a tool to help students research, compare, and evaluate private loan options from multiple lenders in one convenient place. The tool helps students select lenders that specialize in their area of study.
- The college has identified multiple lenders that offer graduate level private loans for graduate/professional students to apply for. Our list is not in any specific order and will change each time you sign into the website. You will need to review the information carefully.
- You are under no obligation to use the lenders on our list and are free to do your own private searches for a lender that best meets your needs. If you choose a lender that is not on our list, please notify our office so we can watch for the certification form.
- This link will take you to the FastChoice website, provide specific loan information, allow you to compare lenders and select the best lender for your needs. The latest terms are posted on the lender’s website and are subject to change.
*ETSU Bill Gatton College of Pharmacy does not endorse or recommend one lender over another, and individuals are free to choose the lender they prefer or a private lender not listed in FastChoice.
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Process to Apply for a Private Loan through FASTCHOICE
- Go to FASTCHOICE to select a lender and begin their specified application process.
- You must complete the Borrowing Essentials the first time you log in.
- The school code for ETSU Bill Gatton College of Pharmacy is 003487-09.
- Complete the Application Disclosure Statement provided by your lender.
- Your lender will provide you with a Private Education Loan Applicant Self-Certification form that you are required to complete regarding your understanding of your rights and responsibilities as a borrower. You will need to know your cost of attendance and private loan need offer in your award package to complete the requirement.
- If approved, the lending institution of your choice will give you the exact interest rate. If you choose a variable rate, the rate can change yearly. If you choose a fixed rate, then the interest rate will remain for the duration of the loan.
- Private/Alternative loans are taken out one year at a time unless otherwise stated.
- The disbursement of students’ annual private student loans will be equally divided between fall/spring.
- If the loan is approved, the GCOP Financial Aid Office will be notified that a loan is pending and will review the application to certify it.
- Funds received that exceed the cost of tuition/fees for the billing period will be refunded to the student.
- The timing of the disbursement of your funds is dependent on several factors including submission and processing of documents required by your lender, the date your application is completed, successful certification, etc.
- If you receive a scholarship after the private loan is certified, our office will adjust the private loan to avoid an over award.
- We will never award more that the cost of attendance during any term.
- Our office will award scholarships and the Unsubsidized loan amount you have accepted before private loans will be utilized.
- If needed, a one-on-one meeting can be scheduled via zoom or in person to discuss private loans if you are in need of assistance.