Private Loans

   

Loans

Students may borrow private student loans if they have received the maximum in their Federal Direct Loans. Please note that once you have completed the loan application from the lender, approved loans will take up to 15 business days or more for processing. To apply for a private student loan, click the following link: http://beta.elmselect.com/link/query?schoolid=356 

Who can Borrow?

  • Students (and parents) who are U.S. Citizens or eligible non-citizens
  • International students are eligible with a creditworthy cosigner (who must be a citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation.
  • Non-matriculated students, only in special cases**​

Eligibility

Eligibility criteria varies by the lender. Student must check the eligibility criteria with the lender before they apply. Some criteria that affects private loans is:

  • Citizenship status
  • Enrollment Status (Half-time or less than half-time)
  • FAFSA completion
  • Matriculation (accepted in a degree-granting program)
  • Past balances (all lenders do not allow it)
  • Satisfactory Academic Progress (SAP)

Apply for Federal Financial Aid

We highly recommend you complete the Free Application for Federal Student Aid (FAFSA) and apply for any student financial aid for which you are eligible. Private loans should only be considered after state and federal sources of financial aid have been utilized. Undergraduate dependent students may have their parent review the Federal Direct Parent PLUS loan information, before opting for a private loan.

Private Student Loan General Information

Students and parents must contact the lender directly for specific terms and conditions of the loans. We are listing some general information for your reference:

  • You may borrow up to the cost of attendance minus any other financial aid received. However, some lenders may have a limit to the amount that you can borrow to help with loan indebtedness.
  • The interest rate on the private student loan varies by lender and can depend on the creditworthiness of the student and their co-signer.
  • Repayment on private loan will begin after you graduate or cease be enrolled at least half-time.
  • Typically, you have 10 years to pay the loan back; however, repayment terms vary by lender.
  • There are no prepayment penalties so you can repay the loan earlier if you wish.
  • To apply for a Private Student Loan, you must apply directly with the lender of your choice. You can find a list of lenders by visiting ELM Select which allows students and parents to search for and compare private loan options.
  • Once you have made a decision you will be linked directly to the lender’s website to begin the loan application process.
  • Private student loans are the financial responsibility of the student, not the co-signer, however, the co-signer is liable for loan repayment should the student fail to make monthly payments.

Keep in mind, a private loan is an agreement between the borrower and the lender. The borrower is responsible for carefully managing his/her educational loans. Many lenders offer online account management tools to allow the borrower to check their loan status, view disbursement information, and monitor loan balances.

**The federal government requires that you be officially accepted and enrolled in a degree-granting program (i.e., "matriculated") in order to receive financial aid (such as a Federal Direct Loan); however, some private lending institutions do not require matriculation for loan eligibility.