Private Education Loan Information

You should always use any federal loan eligibility available to you before borrowing a private education loan.

Private education loans are consumer loans made to individuals to help pay for school.  They are provided by for-profit and nonprofit lending organizations and are not backed by the federal government.  Lenders offer private education loans with different rates, fees, repayment terms and approval requirements.  Private lenders will perform credit and eligibility checks before granting the loans. Often, a cosigner is required. Interest rates are typically higher than the government-sponsored educational loans, but still may be a better option than other kinds of loans available to the student.

You will need to contact the lenders directly to obtain any additional information and to apply for a private education loan. We will process a loan with any private/alternative lender. Although some private lenders are much better than others in processing loans when interacting with our office, we cannot provide you with a listing or provide any recommendation. We can, however, provide you with a comprehensive, neutral list of private education lenders that the institution’s students have borrowed from in the past 3 to 5 years.  You may choose to use any lender, not just those appearing on the list below.

We suggest that you carefully review each private education loan program to compare the terms and conditions before deciding which loan may be appropriate for your needs.  It is your responsibility to notify the financial aid office if a private loan is approved so it may be certified by a financial aid representative and be incorporated into your financial aid package.  Keep in mind that accepting a private loan may affect your eligibility for other types of financial aid.  Contact your institution’s financial aid office for more information.

Because the institution does not keep a suggested lender list for private education loans, we do not recommend one lender over another.  There are a number of third parties that provide lists and comparisons of private loan products. For example, “Nerdwallet” provides a list of the “best private student loans” based on their methodology at https://www.nerdwallet.com/student-loans/best/private-student-loans.

TRUTH-IN-LENDING DISCLOSURE REQUIREMENTS

Disclosure Forms - Lenders must provide required disclosures to the student and cosigner, if applicable, at three different times during the private loan origination process:

1. Application and Solicitation Disclosure – Provided during the online loan application process or via mail included with the Promissory note. 
   1. Approval Disclosure – Provided after the loan is approved and the lender has received the promissory note, the Application and Solicitation Disclosure and the Borrower Self Certification Form and the school certification. The applicant and any cosigner have 30 days to return the approval disclosure.
   2. Final Disclosure – Provided after the lender receives the Approval Disclosure from the borrower and any cosigner, indicating that the loan has been accepted by the student and the cosigner, if applicable. The loan will not disburse until at least 10 business days after this disclosure is received by the borrower and any cosigner.  This is to allow the borrower the option to cancel the loan before it is disbursed. 

Self-Certification Form – A credit-approved student borrower must submit a completed borrower Self Certification Form to the lender.  This form requires information on your cost of attendance.  

Timing Requirements – These federal regulations extend the loan processing timeline so meeting deadlines for specific steps will be critical to the successful and timely disbursement of your loan funds.  The process will likely take a minimum of 30 days to complete and have funds disburse to the school so apply early and plan ahead.