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Financial Aid

Private Loan Programs

Many lenders have private alternative loan programs for students who have borrowed their maximum Federal Title IV Subsidized and/or Unsubsidized annual or aggregate loan limit and still have unmet need for the academic year.  A private loan is provided by a private educational lender and is  issued expressly for postsecondary education expenses to a borrower, regardless of whether the loan is provided through the educational institution that the student attends or directly to the borrower from the private educational lender.

Federal law requires that before a lender may disburse a private student loan to a borrower attending an institution of higher education, the lender must obtain a completed and signed self-certification form from the borrower. The Financial Aid Office can assist with providing the Cost of Attendance, Estimated Financial Assistance, and remaining need which is data required for the Self-Certification form. The lender must provide an Application Disclosure, an Approval Disclosure, and a Final Disclosure to the student.

Students who do not complete the FAFSA can submit a Request to Change Cost of Attendance in order to have their Room & Board budget calculated accordingly.

You can go to the Loan Calculator in Adventures in Education for an example of how much you will have to pay using a standard repayment method.

Private Loan Comparison Questions to Consider:

What Students Should Know:

To apply for a private loan, connect with ELM Select via the link below