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 credit worthiness. 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 once every 12 months by following the steps listed on the FTC Consumer website.
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 electronically. 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.
How to Apply
To apply for a private educational loan, you will need to choose a lender and submit an application directly on that lender’s website.
Choosing a lender is an important decision. You are beginning a relationship with a loan provider who works with you for many years over the life of your loan.
Private loan funds will be evenly divided over your academic year unless the loan period given on your application indicates differently.
Contact lenders directly for information on how to apply.
Most lenders offer attractive borrower benefits and incentives for repayment. However, there may be less than 15% of borrowers who actually receive the benefits for reasons such as consolidation of loans in the future or making late payments. You should always review the current benefits at the lender’s website when you select a lender.
Feel free to print out the Questions to Ask guide to direct your research.