Private Credit Based Loans

Private Loans

Eligibility

Eligibility for private educational loans is credit-based; it is not based on need. Interest rates are generally variable, and interest accrues while the student is in school. Generally, repayment of the loan can be deferred until the student graduates, leaves school or drops below half-time enrollment. 

Eligible students may borrow up to the total cost of attendance, less any financial aid received, each academic year. 

Most private educational loans require the borrower to be a degree-seeking student who is registered at least half-time. However, some private education loans, known as "Continuing Education Loans," are available for enrollment that is not degree-seeking and/or is less than half-time. Some lenders also require students to be meeting Satisfactory Academic Progress. Contact lenders directly for academic requirements. 

Loan Processing

To ensure that the amount needed is available when it is needed: 

• Student borrowers who need assistance determining how much they are eligible to borrow (cost of attendance minus estimated financial assistance) should contact the Student Financial Services Office.
• Unless students specifically instruct otherwise, Student Financial Services certifies loans to be evenly disbursed over the semesters students indicate on their loan application. Students who know they will have uneven costs should tell Student Financial Services so their loans can be awarded and disbursed to their student accounts accordingly.
• Regulations require student borrowers to complete a loan self-certification and submit it to their lender. Because this step adds to processing time, the Student Financial Services Office recommends that students apply for private loans a minimum of six weeks before the tuition payment deadline for their first term of enrollment each academic year.
• It can take as long as four weeks following loan approval for students to receive their loan funds. Students who know they will need a loan for the entire year are encouraged to apply early and for the entire year rather than semester by semester. 

Most lenders participate in ELM, an automated web-based certification system. Students should ask their lenders if they participate using the ELM process. If they do, the student's loan certification will be posted electronically on ELM for certification by the Student Financial Services Office. If a lender doesn't participate through ELM, the student's application will be completed as a paper document that is submitted by the lender to the Student Financial Services Office for certification. For this reason, processing paper applications and certification generally takes longer. 

Loan funds disbursed in excess of the tuition balance due will be processed as a Credit Balance Refund. Students who wish to return excess funds to reduce the amount they are borrowing should contact their lender directly to arrange a return of funds.

Past Due Balance

In some cases, a private lender will allow you to borrow a loan to pay a past due balance. Once approved, if you are borrowing to cover a past due balance, please contact Student Financial Services to let us know how much and for what term you are using the loan. 

Private Loan Lender List

Interested students can go to the Private Loan Lender List for more information including a comparison of interest rates, fees and other incentives lenders provide. 

Please note that Student Financial Services does not recommend a specific lender or lenders. This list is offered as a way for students to compare their private lending options after they have fully investigated their federal student loan eligibility. 

The Student Financial Services Office will certify a private educational loan for any lender a student selects, regardless of whether or not that lender appears on this list and regardless of whether or not the student has chosen to apply for federal loans or other financial aid.