Private loans
A private loan is a consumer-based, non-need-based loan. The interest rate for a private loan is usually considerably higher than the rate for a federal loan. Depending on your lender there may be no payments required while you are enrolled half-time or more.
- Complete the FASFA (Free Application for Federal Student Aid). Even if a student has a high EFC (Expected Family Contribution), 91·çÃùÄñ³ª will offer federal loans options to students without Satisfactory Academic Progress (SAP) issues. Federal loans may offer lower interest rates and better repayment options than private loans.
- Private loan interest rates are credit-based. Borrowers and/or co-signers with a good to excellent credit score are recommended.
- Private loans in combination with all other financial aid and scholarships cannot exceed the student’s budget.
- Students are required to be enrolled in at least a half-time standing. Half-time standing for undergraduates is six (6) credits. Half-time standing for graduates is five-to-six (5-6) credits.
- Undergraduate students must be in a degree-seeking program.
- Graduate special students may be eligible to receive private loans, provided loan lender requirements are met.
- Students must meet the Private Loan Satisfactory Academic Progress (SAP) policy.
- First-time borrowers must complete .
- The borrower will apply directly with their lender of choice.
- Borrowers have the right to select any lender. It is important to compare interest rates and borrower/repayment benefits
- If you do choose another lender, you will suffer no penalty for selecting your lender of choice
- After you apply, the lender will contact our office electronically to request certification
Students are required to complete a Private Education Loan Applicant Self-Certification before the lender can disburse the funds. Most lenders provide the Self-Certification form electronically during the loan application process.