A private loan is a non-federal loan offered through a variety of banks and other lenders (credit unions) and approved on credit worthiness. Students wanting to borrow a private loan must apply separately from their financial aid offer. The Student Financial Services website provides a current and comprehensive list of lenders commonly used over the past three years in alphabetical order.
A private loan application is completed online with the lender of your choice. When looking for a private loan, find one you can live with in both the short term and long term. You may be repaying it for multiple years after graduation. Visit the lender’s website for information regarding eligibility requirements, terms, benefits, and repayment options before applying for a private loan. If the lender’s requirements are not met, the school will not certify the approved private loan. Often there is a yearly and/or cumulative cap on the amount you may borrow. The school certifies the amount of the approved loan does not exceed cost of attendance minus financial aid offered. Interest rates will vary depending on your credit score and the usage of a cosigner. Cosigners can be used to reduce the interest rate or to help obtain a loan due to credit problems. The lender will communicate with you via email or mail as they guide you through their application process. A delay in providing additional information needed by the lender could affect how quickly you receive your private loan funds. Be prepared to wait two to four weeks for the loan to be processed through our office.