Financial Aid: Private Education Loan Application Procedures
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.
- Preferred Lender List Rationale - Updated 03/27/2014
- Private Loan Preferred Lender List - Elm Select
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:
- Period of enrollment covered by the loan
Cost of Attendance for the period of enrollment covered by the loan (COA)
- Your COA can be found on your award letter or on Self Serve on the Pilots UP portal.
Estimated Financial Assistance (EFA)
- This includes scholarships and grants you are receiving as well as other loans and work study. It may also include other educational resources.
- Your EFA can be found on your award letter or on Self Serve on the Pilots UP portal.
These new regulations will add significant time to loan processing and fund disbursement. 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.
Priority Loan Application Deadlines
- Summer, 2016 - April 25, 2016
- Fall, 2016 - July 11, 2016
- Spring, 2017 - December 1, 2016
Any loan requests submitted after these deadlines are not guaranteed to disburse by the first day of class.
Paperwork submitted after the deadline may take 2 or more weeks to process.
Final Loan Application/Change Deadlines
Loan applications and/or changes must be submitted by the deadlines posted below in order to be processed for that term.
- Spring, 2016 - April 15, 2016
- Summer, 2015 - Seven business days before your last scheduled summer class
- Fall, 2016 - December 1, 2016
- Spring, 2017 - April 13, 2017
Applications and/or changes submitted after these deadlines may not be processed.
Back to Apply for Loans.