Private Loans

Private student loans are offered through a variety of banks, credit union and other types of lenders. The best rates on private loans generally are offered to borrowers who have good credit and/or who have a co-signer with good credit. Before you consider a private loan, we recommend you determine your eligibility for federal student loans, which generally have better terms. More information about federal student loans is available at

If you live or attend college in the following states, be sure to review this information about your state's private loan program:  Alaska, Connecticut, Maine, Massachusetts, Minnesota, New Jersey, New York,  North Carolina, North Dakota, Rhode Island, Texas and Vermont.

General Info

Private educational loans are usually higher interest programs with interest that accrues while the student is in school.

Students (or co-borrowers) must have a good credit history to obtain private educational loans.

Most lenders require that you are enrolled at least half time in a degree-seeking program (dependent on the lender). We will certify your loan up to the cost of attendance, less other aid.

Depending on the private loan lender, it is possible to apply for private educational loans for prior loan periods (retroactively) after the end of the loan period.

You will be required to complete a Self Certification Form to provide financial aid information to your lender.

Your lender is required to provide the borrower with three additional Truth-in-lending  statements at specific points in the application process. As a result, we are recommending that you apply at least three weeks prior to the date you need the funds and comply quickly to information requests from your lender.

Our Involvement

As long time members of the National Association of Student Financial Aid Administrators (NASFAA), our employees fully adhere to NASFAA's Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals. We want to assure all educational loan borrowers that our Financial Aid offices do not receive any form of payment or remuneration from lenders. Student and/or parent borrowers have the right to select a lender of their choice. Per federal and institutional guidelines, our office will process any loan from any lender. We highly recommend that a borrower's lender choice be carefully considered as to what is best for you.

Private Loan Programs

Students should apply through the lender of their choice for a private student loan. We do not  promote specific lenders. You should thoroughly research all options before making your decision. The following are some notable resources to help begin your search:

INvestEd Market Place

Truth in Lending Requirements

New provisions in the Truth in Lending Act, implemented in February 2010, have resulted in a number of changes in the process of applying for and receiving private student loans. Lenders who provide these loans must comply with the following requirements:

  1. Lenders must provide 3 separate loan disclosures to borrowers; one at the point of application, one when the loan is approved, and one before the loan is disbursed.
  2. A waiting period of 3 business days is required between the time the borrower receives the final loan disclosure and the time the loan is disbursed.
  3. Students must also sign an Applicant Self-Certification form and submit it to the lender before the loan can be disbursed.