Private Education Loans, also known as Alternative Education Loans, help bridge the gap between the actual cost of your education and federal loan limits.
Eligibility for private student loans often depends on your credit score and usually requires a co-signer.
Please carefully consider exhausting Direct Subsidized and Unsubsidized loan options before borrowing a private educational loan. Selecting a lender is an important decision as you will be working with your loan provider for the life of the loan. Take the time to compare private loans before you apply. To assist students searching for private educational loans, we have provided a preferred lender list below. However, you are not obligated to borrow from a lender on the preferred lender list. To apply for a private loan you will need to contact the lender directly.
Federal regulations require lenders to provide multiple loan disclosures to borrowers, a Student Self Certification Form, and an additional period for borrowers to decline the loan once it has been approved. The Student Self Certification Form will request the following information:
A private loan can take up to two weeks for the lender to process and notify the Office of Financial Aid of the request. Keep this in mind when submitting a loan application and allow for plenty of time for the loan to be processed.