Private Student Loans
Unlike federal student and parent loans, these educational loans are unregulated funds available from private lending entities. Eligibility involves a check of the borrower’s or the required co-signer’s credit history and economic status. Because these programs have no specific federal oversight, they may vary significantly in the terms and conditions they provide the borrower. Annual loan limits are defined by the student’s budgeted cost of attendance that we create each academic year minus any other financial aid that he or she is receiving. We strongly encourage borrowers to carefully research private loan programs and lenders to best assure that they are receiving the most favorable opportunity available.
Please note that private loan applicants are now required to read, sign, and return additional disclosures, including a self-certification form, in addition to signing a promissory note. Most lenders will also require the school to certify the student’s eligibility for a private educational loan. This certification may come to you after you have returned the initially requested information to the lender; therefore, you are encouraged to follow your lender’s instructions and to monitor the application process carefully.