Private Loans

Private Loans

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When to consider a Private Loan?

Private student loans should be consider if the student meets any of the following criteria:

  • Received the maximum in all other programs

  • Matriculate student enrolled less than half-time, under 6 credits

  • Non-matriculated students 

  • Not meeting Satisfactory Academic Progress

Once you have completed the loan application from the lender, approved loans will take up to 15 business days or more for processing.

Who Can Borrow?

  • Students (and parents) who are U. S. citizens

  • Permanent U. S. residents

  • International students are eligible with a credit worthy cosigner (who must be citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation

  • Non-matriculated students, only in special cases** 

Should you choose a private loan to fund educational expenses, please consider the following:

  • Do not apply for your alternative loan more than 90 days prior to the beginning of the semester for which you are applying. Otherwise, your credit check may run out and the loan will not be valid at the time of disbursement.

  • Choose one lender that fits your needs best and stick with them! Multiple applications will significantly delay the processing of your loan.

  • Schedule ALL of the courses you plan to take BEFORE you apply for your loan to assure your loan is certified for the correct amount. Increases may not be possible after the loan is certified.

  • A separate loan application is required for summer session(s) and for each award year.

  • Use only valid loan term dates. Invalid loan term dates may delay certification of your loan.

For Example:    

Period For Which Loan Is Needed

                Loan Term Date 

          Fall & Spring Semester 

                September - May

             Fall Semester only

             September - December

            Spring Semester only 


              Summer Session 



Remember, a private loan is an agreement between the borrower and the lender. The borrower is responsible to carefully manage his/her educational loans. Many lenders offer online account management to allow the borrower to check loan status, view disbursement information, and monitor loan balances.