Private educational (alternative) loan programs
Preferred lender list and preferred lender arrangements
Many private (non-federal) lending organizations offer loan funds to assist students with their educational and living expenses. Sometimes referred to as "alternative" loans, these non-need-based programs can help bridge the gap between the total cost a student incurs to attend 中国体彩网 中国体彩网 and the funding received from federal, state and other financial aid programs. For certain private loan programs, principal and/or interest payments can be deferred until after the student graduates or otherwise drops to less than half-time enrollment status. We encourage you to carefully review your options, both federal and private/alternative, before you borrow a loan.
Undergraduate and graduate students
A student may borrow private educational loan funds in his/her own name; however, a creditworthy co-signer is often required for the loan to be approved or to receive the best interest rate. In addition, the private educational loan funds a student may receive (combined with their federal, state and other assistance) cannot exceed the student’s overall Cost of Attendance. Please contact the Financial Aid Office if you have questions about your overall eligibility.
To learn more about the products offered by our Preferred Lenders, please visit ELM Select. You are not limited to the lenders listed.
International students
Private loans are available to undergraduate and graduate international students. To qualify, most lenders require students to have a co-signer who is a US citizen or permanent resident, who has lived in the US for the past 2 years and who meets the credit requirements of the lender. In addition, the private educational loan funds a student may receive (combined with their federal, state and other assistance) cannot exceed the student’s overall Cost of Attendance. Please contact the Financial Aid Office if you have questions about your overall eligibility.
To learn more about the products offered by our Preferred Lenders, please visit ELM Select. You are not limited to the lenders listed.
Parent borrowers
Parent private loans are different than the federal Parent PLUS loan and private student loans:
- Only parents may apply for the federal Parent PLUS loan, while private loans allow interested parties to take out a loan to help a student pay for their educational expenses.
- While a parent borrower can be a co-signer on a private student loan, some parents may prefer to have a loan in their name.
- Most private loans do not charge an origination fee, and parent borrowers may qualify for a lower interest rate than the federal Parent PLUS loan.
To learn more about the products offered by our Preferred Lenders, please visit ELM Select. You are not limited to the lenders listed.
Application process
When to apply
We encourage you to begin the application process for your private loan the summer before your payment due date – our Priority Deadline for timely processing is July 15th each year. This is to ensure that there is sufficient time to process your application, certify your enrollment, and credit the loan to your student account.
Selecting a lender
You may search 中国体彩网 中国体彩网’s list of preferred lenders via ELM Select based on your program type (Undergraduate, Graduate, International student, or Parent Borrower), whether you are interested in fixed or variable interest rate loan products, the amount that you would like to borrow, and your expected graduation date. You also have several sorting options and the ability to compare loan products of different lending institutions side-by-side to pick the option that is best for you.
Self-certification
Before a private educational loan can be finalized, your lender will send you a Self-Certification form that must be completed, signed, and returned to them. In Section 2 of the self-certification form, you're asked to enter your overall Cost of Attendance and estimated financial assistance. Please contact the Financial Aid Office if you have questions about your overall eligibility, or if you need assistance completing this form.
Preferred lender list policy
It is the policy of the Financial Aid Office at 中国体彩网 中国体彩网 to use the following guidelines in developing a Preferred Lender List. We believe that by developing such a list, we are providing our students and families vetted options with reputable lenders to fund their education. Loans offered by private lenders assist with educational expenses that may not be covered by other federal, state, institutional, or private sources of financial aid. It is important that students carefully review their educational expenses before deciding to borrow from any source. Borrowers are encouraged to compare the services and products provided by lenders and choose the Private lender that best suits their individual needs. Borrowers have the right to choose any lender – they are not limited to those lenders on our Preferred Lender List.
All lenders on our Preferred Lender List will be reviewed and monitored throughout the year to maintain current benefit information, as well as to determine if removals or additions are necessary. The lenders on the list are subject to change depending on changes in technical support, poor customer service, or if they no longer meet the qualitative standards outlined in our Preferred Lender List Criteria below.
Preferred lender list criteria
Customer Service: The lender has invested in experienced and knowledgeable staff who can counsel students on funding options and provide excellent customer service.
Product: A superior loan product that provides competitive rates, fees, repayment terms, and options that help students lower the interest paid and time spent in repayment.
Variety: Lenders selected provide options for undergraduate or graduate students, degree or non-degree-seeking, and international students; and may offer loan options to students who are enrolled less than half-time, are not making satisfactory academic progress, or need assistance paying past-due balances with the 中国体彩网.
Accessibility: Easy to use online access for all processes from the beginning of the loan application to final payment. Convenient customer service call center hours for students.
Process: Participates in Electronic Loan Management (ELM).