You may need to take several steps to be fully approved for a private loan. Being "pre-approved" is only the beginning. This guide will help you prepare. You may want to print this information before proceeding to a lender's Web site.
THINGS TO KNOW BEFORE YOU APPLY
- The maximum amount of your loan (FAFSA filers)
Your eligibility for a private loan is determined by the difference between your total Cost of Attendance (COA) and any other financial aid. If you have applied for and have been awarded financial aid, you can refer to Campus Connection or your financial aid award letter to find your total COA and the amount of aid you’ve already been awarded. To calculate your maximum eligibility, subtract your total aid awarded from your total COA. For example, if your total COA is $30,000 and you already are receiving $10,000 in other forms of aid, you can request up to $20,000 in a private loan.
- The maximum amount of your loan (Non-FAFSA filers)
We recommend that you complete a FAFSA and apply for financial aid before applying for a private loan, as federal loans are generally more advantageous for student borrowers. However, if you do not plan to complete a FAFSA and wish only to pursue a private loan, you can obtain tuition and fee information in the Student Accounts Tuition web site.
- Requesting a loan for a past-due balance
Not all lenders will lend you money for a past-due balance. Before you begin the lender process, contact the lender to make sure that the lender you have selected will review your request.
- Determining your loan period
When you apply for a private loan, you will be required enter a loan period, with start and end dates. Your loan period start and end dates are the months associated with academic term(s) for which you are borrowing. Usually you will request a loan for the entire academic year, or for a specific term within the academic year.
Make sure you are specific about the loan period when you complete the lender application. If you are requesting a loan for the entire academic year, use September through June for undergraduate or graduate programs and August through May for the College of Law. Similarly, if you wish to obtain a loan for a single term, for example, the summer session, your loan period should be the summer term of June through August. If you request a loan for autumn only, your loan period should be September through November. If you have questions about term dates, refer to the academic calendar.
- Determining your loan period for a past-due balance
If you are obtaining a loan for a past-due balance, you will need to set the loan period to the academic period related to the past-due balance.
- Your level of enrollment
Most lenders require that you are enrolled at least half time in a degree-seeking program in order to obtain a loan.
FINAL STEPS
- Fill out the lender’s application. Your lender will review your application and will do a credit check.
- Complete the promissory note process required by your lender.
- Provide any additional documentation your lender may require.
- Follow-up with your lender to make sure you have submitted all required documentation.
Once you have been approved, your lender will contact our office and request a school certification. Our office will certify that you are enrolled and eligible for your loan, and that your requested loan amount is within your financial aid budget.
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