Private Loans

Many lenders offer private alternative loans to help students bridge the gap between financial aid and college costs. Students must either meet the credit criteria of the loan for which they are applying or have a credit-eligible co-borrower.

Select a lender and contact them directly. Explore ELMSelect (a research tool to compare lenders) to find a lender and to obtain a comprehensive list of lenders and their rates.

After selecting a loan product, students are recommended to contact the lender to ensure the rates and terms are current. Lenders will provide the application instructions and all necessary paperwork.

Consider the following when comparing private education loans:

Cosigner Requirements and Cosigner Release Options
Interest Rate: Variable or Fixed, Index and Margins, Interest Capitalization Policies
Borrower Benefits: Interest Rate Reductions for ACH and Cosigners, On-time payment incentives
Fees: Origination Fees, Late Fees, Return Check Fees
Repayment Options: Repayment Start Dates, Years in Repayment Grace Period, Deferment and Forbearance Options

The Self-Certification Form must be completed by the student and submitted to the lender before funds can be disbursed.