Private Loan Programs
Loans offered by banks or other lenders to help cover additional costs.
If you’ve already borrowed the maximum in federal loans and still need additional funding, you may consider a private student loan. These loans come from private lenders and are specifically for education expenses.
Before a private loan can be disbursed, federal law requires you to complete a Self-Certification Form. The Financial Aid Office can provide the information you’ll need, such as your Cost of Attendance, Estimated Financial Assistance, and remaining need.
Your lender will also give you three required disclosures: Application Disclosure, Approval Disclosure, and Final Disclosure.
Private Loan Comparison Questions to Consider
- What’s the interest rate, and is it fixed or variable?
- How much can I borrow?
- Do I need to be enrolled full-time or part-time?
- Are there fees?
- Is credit required? Will I need a cosigner?
- When do payments start?
- Are deferment or forbearance options available?
What Students Should Know
- Federal vs. private loan differences
- Loan terms and conditions
- Who holds and services the loan
- Who to contact with questions
- Repayment options and missed payment guidance
- Consequences of missed payments or default
- How to resolve default
- Impact of bankruptcy on the loan
To apply for a private loan, connect with ELMSelect.