Private Loan
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 certified amount of the approved loan will not exceed the 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.
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Private Loan Information
TU’s Student Financial Services encourages students to pursue all available sources of financial aid first, including grants, scholarships, federal loans, and employment before borrowing a private loan.
We are providing you a current and comprehensive list with parameters of all lenders commonly used and chosen by our student population within the past three years.
Links to these lenders’ websites are provided in alphabetical order below to give you some insight to each of their specific benefits, eligibility requirements*, terms and conditions (as they are subject to change), and disclosure information. There are many private loan lenders; borrowers may use this list as a tool to help choose a lender. You have a right to choose any private loan lender. If you wish to choose a lender not on this list, please provide the lender information to Student Financial Services. Applicants must complete and submit a separate online loan application with the lender to apply for preapproval and initiate the loan process. These non-federal loans are offered by a variety of banks and other lenders (credit unions) and are approved on credit worthiness. Interest rates and fees will vary depending on your credit score and the usage of a cosigner. Cosigners can be used to either reduce the interest rate or help obtain a loan due to credit problems. It is your responsibility to research the lender’s interest rate options, terms and benefits offered and eligibility requirements.* 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.
*Eligibility requirements may include, but are not limited to, attending at least half-time, making Satisfactory Academic Progress (SAP), being currently enrolled, becoming a member, etc. It is in your best interest to check the lender’s website for specific requirements before applying for a loan. If the lender’s requirements are not met, the school will not certify the approved private loan.
- Private Loan Lenders
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Private Loan Repayment Information
Refer to your Master Promissory Note or Final Disclosure Form from your private loan lender for specific details regarding terms and conditions or you may directly contact them. You may also contact Student Financial Services for general information or questions.