Office of Financial Aid

Many lenders offer private loans to students to cover allowable educational expenses. These loans are often referred to as “private loans” or “alternative loans”. These loans are not part of the federal government loan programs and may be more expensive for the borrower than federal loans. As a cost saving measure students are encouraged to exhaust all other financial options, including taking loans from the federal loan programs, before considering an alternative or private loan. For most alternative loans, a credit check of the applicant and/or the cosigner is required, and repayment sometimes begins immediately.

If you wish to borrow an alternative loan, the OSFA highly encourages you to research multiple lenders and pick the loan that best fits your needs. Interest rates, fees, repayment periods, rebates, etc. can vary by lender and loan program. In order to remain competitive, lending institutions frequently reevaluate and adjust their alternative loan programs.

Students are free to select any lender of their choosing. Finaid.org maintains a thorough list of private lenders. Finaid.org is responsible for the accuracy and updating of all content of this list.

Private Education Loan Applicant Self-Certification Form

Important: Students applying for private loans must complete and submit to their lender a Private Education Loan Applicant Self-Certification Form prior to the processing of the loan by the lender. In order to insure prompt processing of your application by your lender, please remember to write your Loan Application Identification Number (Loan App ID Number) or your Social Security Number on your Private Loan Self-Certification Form, prior to submitting the form to your lender. The process will vary from lender-to-lender, so please make sure to check with your lender on their specific process. Students may find the requested cost and award information listed on their financial aid award letter for the award year in which they are seeking the private loan. Please keep in mind that the lender will require the OSFA to certify similar information and that the lender will use this information to determine eligibility.

Disbursement

Alternative loans are not government loans and require many additional steps. Therefore, please allow at least 3-4 weeks from the time you start the process until the funds are credited to your student account.

Financial Aid

Alternative Loans

Private Education Loan Applicant Self-Certification Form

Disbursement