Private Educational Loans

Learn more about Private Educational Loans and 91探花's Preferred Private Lender List

  1. Admissions & Aid
  2. Financial Aid & Scholarships
  3. Loans
  4. Private Educational Loans

You may want to consider a private educational loan if you need more financial assistance. These loans allow you to borrow up to the total Cost of Attendance less any financial aid offered. You should use all available Federal Direct Loans first as they generally offer more favorable loan terms and repayment options than private educational loans. 

Eligibility for private educational loans is credit-based; it is not based on financial need. Interest rates are generally variable, and interest accrues while you, the student, are in school. Generally, repayment of the loan can be deferred until graduation, or you leave school or drop below half-time enrollment (6 credits as an undergraduate; 3 credits as a graduate student). 

Most private educational loans require you to be a degree-seeking student who is enrolled at least half-time. However, some private education loans are available for enrollment that is not degree-seeking and/or is less than half-time, as well as for balances from prior academic terms. Some lenders also require you to meet Satisfactory Academic Progress. Please contact lenders directly about academic requirements. 

Policy Information

It is the policy of the Office of Student Financial Services at 91探花 to maintain a preferred list of lenders that offer alternative or private education loans to students and their families. These loans are offered by private lenders to assist with educational expenses that may not be covered by other federal, state, institutional, or private sources of financial aid. It is important that students carefully review their educational expenses before determining if they need to borrow from any source. Borrowers are encouraged to compare the services and products that are provided by lenders and choose the private lender that best suits their individual needs.

None of the lenders on 91探花’s preferred lender list are affiliated with the university. The university will monitor each lender throughout the year. At least every three years, the university will issue a Request for Information (RFI) for its preferred lender list, ensuring that our students and families have the best options and up-to-date information available. Additionally, each academic year the university will confirm with lenders on the preferred lender list that their RFI response on file remains accurate.

Borrowers have the right to choose any lender, including any lender that is not on the university’s preferred lender list.

91探花 has a published a Private Loan Code of Conduct and Policy on Preferred Lenders.

91探花 established a Preferred Lender Arrangement Working Group, comprised of university leaders. The working group drafted a Request for Information (RFI) outlining its preferences and expectations of participating lenders and sent the RFI to 12 lending institutions, with 10 lenders responding to this request. The working group conducted a blind review of the lender responses, scoring each lender in the following categories:

  • Loan Program Coverage and Offerings
  • Interest Rates and Pricing Competitiveness
  • Fees and Borrower Cost Burden
  • Loan Limits and Cost-of-Attendance Coverage
  • Borrower Eligibility and Access
  • Prequalification Tools and Transparency
  • Repayment Flexibility and Borrower Protections
  • Customer Service, Technology and School Support
  • Ethics, Compliance and Conflict-of-Interest Standards

Based on this scoring rubric, the working group invited the top five highest-scoring lenders to participate as preferred lenders.

You may borrow from any lender you choose and are not required to use a lender on 91探花’s preferred lender list. 91探花 will process loans from any lender in a timely manner regardless of whether or not the student has chosen to apply for federal loans or other financial aid.

 

91探花 utilizes , a loan comparison tool offered by ELM Resources that allows students to compare private educational loans from our preferred lender list side-by-side. 

Preferred Lender List

Guidance from Student Financial Services

Student Financial Services advises you to review each lender to understand what financing option provides you and/or your cosigner with the best rates and repayment options.

The lender will perform a “soft” credit check on your and/or your cosigner's credit history; this does not impact your credit history. Pre-qualification will provide you with preliminary interest rates and other important information about the lenders' financing options that may help you choose which lender is best for you. Please note that this is not a final approval or interest rate, but a “most likely” result. You will still need to complete an application with the lender you choose, and the final terms may differ from the prequalification terms. 

The following loan types or categories are available: Graduate, International, Law, Parent, or Undergraduate. You should select the category that is applicable for your academic level or borrower type (e.g., parent vs student).鈥� 

If you are seeking a loan for a past due account or prior term, you may use , which will filter the lenders that offer that type of financing. Once approved, if you are borrowing to cover a past due balance, please contact Student Financial Services to let us know how much and for what term you are using the loan.

Each lender will provide an Application and Solicitation Disclosure (also known as “Truth in Lending”) on under the lenders “Details” tab.

The time from application to disbursement of funds can vary. To ensure that funds are disbursed on time, Student Financial Services and lenders recommend you apply about two months prior to your first tuition due date. 

  • Maximum Amount to Borrow: If you need assistance in determining how much you are eligible to borrow (cost of attendance minus estimated financial assistance) contact the Student Financial Services Office. 
  • Term Loan Amount(s): Unless you instruct otherwise, Student Financial Services certifies loans to be evenly disbursed over the terms that you indicate on the loan application. If you know you will have uneven costs, inform Student Financial Services so your loan can be awarded and disbursed to your student account accordingly. 
  • Additional Step: Regulations require you to complete a loan self-certification and submit it to your chosen lender. This can add time to your loan processing, so apply early. 
  • Loan Funds Arrival: Once your private loan has been added to your financial aid offer, it can take up to thirty days for funds to arrive. As such, we recommend applying early to avoid delays and allow for processing times.  
  • Full Academic Year Loans: If you need a loan for the entire year, please apply for the entire year rather than each term. 
  • Enrollment is Required: You must be registered for the term you are requesting for the Private Educational Loan. If you apply, and are approved for the loan before you register, please contact Student Financial Services once you have registered so that we can continue processing the loan. 
  • 91探花 Loan Certification: Completed through Electronic Loan Management (ELM) is a third-party portal that connects private student loan lenders and Student Financial Services. Most private lenders use ELM to work with our office on awarding private loans. While lenders can still request certification separately via paper or fax request, this may cause delays due to extended processing times. 
  • Loan More Than 91探花 Charges: Loan funds disbursed in excess of the tuition balance due will be processed as a鈥�Credit Balance Refund. If you wish to return excess funds to reduce the amount you are borrowing, please contact your lender directly to arrange a return of funds.