Private loans are designed to meet costs not covered by other forms of financial aid. Students are encouraged to pursue Federal student loans (if eligible) and outside scholarships before applying for private student loans.
Approval for private loans is based on an individual’s creditworthiness. Students who do not meet a lender’s credit qualifications may need to apply with a credit-worthy co-signer. Interest rates, grace periods, repayment options and fees are determined by the lender and can vary considerably from lender to lender.
Because these loans are approved by lenders based on your credit history, we strongly encourage you to review your credit report prior to applying. You may receive a free credit report at www.annualcreditreport.com. If you are interested in receiving your FICO score you can go to www.myfico.com and for a fee they will release your score.
Disclosures and Self-Certification
Title X of HEOA – the Private Student Loan Transparency and Improvement Act – contains information regarding the three loan disclosure forms that are provided by the federal government. The acceptance of these disclosure forms is available to borrowers through the private loan application.
A borrower self-certification form is required to be completed, signed and submitted to the lender before loans can be disbursed. Lenders will provide students with a blank self-certification form by mail and/or online.
Lenders must allow sufficient time for an applicant to receive the Final Disclosure. The Final Disclosure outlines the three business day rescission period, allowing applicants a final opportunity to evaluate their needs for a private student loan and/or cancel the loan without penalty. Based on the time for an applicant to receive the Final Disclosure and carry out the rescission period, a lender will not disburse funds until approximately seven days after the Final Disclosure is issued.
Borrowers should always review the current information and benefits at the lender’s website when selecting a lender.
Disbursements and Refunds
Private student loan funds are disbursed to the College as paper checks. You may need to endorse the check before it can be applied to your student account. All aid - including private student loans - must run through your student account. If the private student loan generates a credit balance on the student account, Student and Departmental Account Services will refund the amount of the credit balance back to you, the borrower/student.
To apply for a private educational loan, you will need to choose a lender and submit an application directly on that lender’s website.
Financial Planning Tools
Students considering a private loan may benefit from the following financial planning tools designed to assist with student loan debt management.