A private loan is a consumer loan that does not depend on need. The interest rate for a private loan is usually considerably higher than the rate for a federal loan. Depending on your lender, no payment is required while you’re enrolled part-time or longer.
- Fill out the FASFA (Free Application for Federal Student Aid). Even if a student has a high EFC (Expected Family Contribution), FAFSA will offer federal loan options to students without Satisfactory Academic Progress (SAP) issues. Federal loans can offer lower interest rates and better repayment options than private loans.
- The interest rates for private loans are based on credit. Borrowers and / or co-signers with good to excellent credit ratings are recommended.
- Private loans combined with all other financial aid and scholarships cannot exceed the student’s budget.
- Students must be enrolled at least half-time standing. The half-time for undergraduate students is six (6) credits. The halftime for graduates is five to six (5-6) credits.
- Undergraduate students must be enrolled in a degree program.
- Special graduate students may be eligible to receive private loans, provided the lender’s requirements are met.
- Students must adhere to the Satisfactory Academic Progress Policy (SAP) for private loans.
- First-time borrowers should follow private loan admission advice.
- The borrower will apply directly to the lender of his choice.
- Borrowers have the right to choose any lender. It is important to compare the interest rates and the benefits to the borrower / repayment
- If you choose another lender, you will not incur any penalty for selecting the lender of your choice.
- After your request, the lender will contact our office electronically to request certification.
View Commonly Used Private Lenders
Students are required to complete a private education loan seeker self-certification before the lender can disburse the funds. Most lenders provide the self-certification form electronically during the loan application process.
