Private Student Loans

Student Loan piggy bank cropPatrick Henry College recognizes that student loans are a personal decision that must be made by each student and family. 

Because the College is recognized by the Department of Education as an eligible institution, PHC families are eligible to take advantage of student loans. To take advantage of these benefits, please use the College’s OPE ID number 039513-00.

After graduating from Patrick Henry College, alumni have the opportunity to extend the terms of repayment and reduce the interest rate of their loans through student loan refinancing.

Click here to learn more about loan refinancing.

The PNC Solution Loan for Undergraduates may be your answer to meeting the rising costs of a college education. It's quick, easy, and affordable!

PNC Solution Loan

Sallie Mae, the nation's leader in education finance, offers just the right combination of student loan options to help you pay for school — all in one place.

Sallie Mae Smart Option Student Loan


College Ave takes the stress out of paying for college by creating a student loan that fits your budget and your goals. Offering zero-fee private student loans, College Ave helps students pay for college.

College Ave Student Loans 

Citizens is your trusted resource for all things college financing.  Apply once and we’ve got you covered until graduation! Instead of applying for a new student loan every year, Citizens Multi-Year Approval gives you a plan to fund your entire college experience. 

Citizens Undergraduate Student Loans

Pickett & Hatcher Educational Fund, Inc. is a private, nonprofit, noncommercial foundation offering student loans up to $6,000 per semester up to $12,000 per school year with a in-school interest rate of 2% and a repayment interest rate of 6% 

Pickett & Hatcher Student Loans

Helpful Links:

PNC Loan FAQs - Sallie Mae FAQs - College Ave FAQs - Citizens FAQs - Pickett & Hatcher FAQs


Frequently Asked Questions:

Does PHC accept any federal grants or aid?
As a matter of institutional conviction, the College is governed by its Board of Trustees according to its Fundamental Statements and will not accept any funding, private or governmental, which dictates terms that supersede the Board’s authority or conflict with these Fundamental Statements. As a result, the College will not accept any governmental funding including U.S. Department of Education (Title IV) funding including their loan programs, state funding, ROTC scholarships, or the G.I. Bill.

Which loan company should I choose?

PHC recognizes that the loan selection process varies based on the needs and preferences of each individual. To that end, the college has forged relationships with the private lenders listed above and encourages each as a viable financing option. We recommend you take the time to look over the different policies, benefits, and applications of these and other lenders before making a final decision. 

Will I need a co-signer?

High school students typically do not have employment or current credit score and thus are considered higher risk investments for lenders. A student will likely need a co-signer in order to take out a private student loan. The co-signer will be equally responsible for the repayment of the loan. If the student is unable to make payments, the co-signer will be legally obligated to do so.

What is the difference between fixed and variable rates?

A fixed-rate student loan offers a predictable monthly payment with an interest rate that does not change over the life of the loan. It will only change if the loan is refinanced or consolidated. A variable-rate student loan has an interest rate that can fluctuate, increasing or decreasing, depending on the market conditions. It may change monthly, quarterly, or annually depending on the lender. Generally, a fixed-rate student loan is the safer choice due to the unpredictable nature of the variable-rate student loan.

When should I apply for a loan?

It can take several weeks from the time you submit your loan application to the time the schools receives the funds. Keep PHC's deadlines & monthly payment plans in mind.

How much of my education costs can my loans cover?

The maximum amount of loan certification for an academic year is equal to the cost of tuition, room & board, less any scholarships provided by the college. This also depends on the loan company you choose as well as the signer and/or co-signer's current credit score.

How much of my education costs should my loans cover?

Every family situation is different. At Patrick Henry College, we often see loans ranging from $5,000 to $15,000 per year for a student needing to borrow to complete their financial plan to attend PHC.

How will student loans be disbursed?
Student loans for a full academic year will automatically be disbursed in two equal payments on the date student accounts are to be paid in full for each semester.

When will I have to start making payments on loans? 

This depends on the agreement between the borrower and the loan company chosen. See each loan provider's terms and conditions.


If you have any further questions, please contact:

Office of Admissions

Financial Aid Officer