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A private student loan is a non-federal loan provided by a private lending institution. The lender not the federal government, sets the terms and conditions of private student loans. This type of loan may be requested by undergraduate, graduate, and professional-level students if:

  • Additional funds are needed to cover educational expenses not covered by other financial aid.
  • The student has reached their federal student loan limits.

*Note: If you are unsure whether an offer is a private student loan or a federal student loan, consult your campus Financial Aid Office.

General Characteristics of a Private Loan

  • Approval is based on the creditworthiness of the applicant and/or co-signer.
  • Students and/or co-signers must be U.S. citizens or permanent residents.
  • The student must be enrolled at least half-time.
  • Origination costs depend on the type of loan requested.
  • Interest rates may be variable or fixed, depending on the loan and the student's or co-signer's credit profile.
  • Interest on private loans begins to accrue as soon as funds are disbursed to the institution.
  • Students may defer payments while enrolled at least half-time.
  • Grace periods of 6 or 9 months may be available, depending on the loan type.

To review information about available private lenders, including their terms, interest rates, and conditions, you may access the ElmSelect platform. This service provides college students with a database of private loan options available for their institution and serves as a comparison tool for private student loans;  https://www.elmselect.com/v4/ 

Requirements

It is important that you meet all federal, institutional, and private lender requirements. You must:

  1. Be a U.S. citizen or a permanent resident.
  2. Have available: 
    1. A valid Social Security number.
    2. The applicant's current address and telephone number.
    3. References (name, address, telephone number, and relationship).
    4. Employer information.
  3. Have a positive credit history.
  4. Have completed the Free Application for Federal Student Aid (FAFSA).
  5. Have an official enrollment record.
  6. Maintain Satisfactory Academic Progress (SAP).
  7. Not be in default on a student loan or have received excess financial aid (overloan).
  8. Know the amount you wish to borrow.
  9. Notify the Financial Aid Office and complete the required application so that the requested amount may be certified with the lender.

How Much Can I Borrow?

To determine the amount, you may request through a private loan, calculate the total cost of your education (tuition, fees, room and board, etc.) and subtract the amount of scholarships, grants, and other financial aid that helps cover those costs.

You should borrow only what you need and consider your projected earnings in your chosen profession to determine how easily you will be able to repay your debt.
The calculation used to determine available eligibility is:

  • Budget: Annual budget for the academic program.
  • Financial Aid: Financial assistance received during the academic year.
  • Private Loan: Amount available to borrow through a private loan.

Budget − Financial Aid = Private Loan Eligibility

Important: We recommend that borrowers request a pre-evaluation from the Financial Aid Office to determine the amount that may be available and eligible for certification.