For students who need the assistance and qualify, private student loans are designed to be a source of aid to supplement federal aid.
Many lenders offer private student loan options.
The University does not endorse or recommend any lender, nor does the University have any financial interest in any lending institution. Students and their families have the right to select the educational loan provider of their choice.
You may use ELM Select to help find and compare private loan options: http://www.elmselect.com
Please Note: Before considering a private student loan, students are encouraged to complete the process for determining eligibility for federal student loans which are normally less costly and offer better repayment terms.
You must use our 8-digit school code (002077-64) on the loan application when applying for an alternative loan.
Questions to ask a Private Lender
What are your lowest interest rate and fee combination and how can I get it? Is the rate only for a limited period or is it for the life of the loan?
- For variable rate loans, is there a limit on how high the variable rate can go? How often is the interest rate adjusted, and how is it determined?
- What interest rate can I get for a fixed-rate loan?
- How long will I be repaying the loan? Is there any penalty for paying it off early?
- When do I have to start making payments? How long can I defer payments while I'm in school? If I go to graduate school and defer payments, how much will I owe when I do start making them?
- Will I lose my discount for paying on time if I have only one late payment or if I ask for a change in the payment schedule?
- What proportion of your borrowers get the discounts you offer? Are your discounts guaranteed or are they subject to change later?
- Would you allow me to defer or reduce my payments temporarily because of economic hardship? Under what circumstances and for how long?
Private Education Loan Self-Certification Form
Other Helpful Resources
Consumer Information on Student Loans
For more information on comparing lender benefits: http://ticas.org/content/pub/comparing-student-loan-discounts
For questions to ask when considering a private loan: http://ticas.org/content/posd/questions-students-should-ask-about-private-loans