FAFSA filers
The maximum amount a student can apply for in a private loan is determined by subtracting your financial aid offer from the Cost of Attendance (COA). For example, with a $30,000 COA and $10,000 in aid, you can request up to $20,000 in a private loan. Refer to Campus Connect for your COA and aid details.

Non-FAFSA filers
We recommend that you apply for financial aid by completing a FAFSA before applying for a private loan, as federal loans typically offer better benefits for students. If you choose not to complete a FAFSA and only want a private loan, you can find tuition and fee details on our website.

Not all lenders permit borrowing a loan to cover a past-due balance. Before starting the application process, confirm that your chosen lender accepts loan applications for this purpose by filtering "yes" on past due balance applied in the Loan Comparison Tool. If you’re securing a loan for a past-due balance, ensure the loan period aligns with the academic term(s) associated with the balance.

When applying for a private loan, you’ll need to provide a loan period, including start and end dates. These dates should correspond to the months of the academic term(s) for which you’re borrowing. Typically, loans are requested for the entire academic year or a specific term within it. Keep in mind that private loans for the summer term must be applied for separately, and loan periods cannot span multiple academic years. For questions about term dates, consult the Academic Calendar.

Most lenders require enrollment in a degree-seeking program at least half-time to qualify for a loan. However, some lenders offer loans for less than half-time enrollment.

Borrowing money for education means signing a promissory note, legally binding you to repay the loan under its terms. Repayment typically begins after completing your education, and fulfilling this obligation helps build a strong credit rating that impacts your financial future.

Lenders may offer various repayment options, which can affect the interest rate. However, repayment terms often cannot be changed after the loan is issued.

Failing to repay your loans can lead to serious consequences, such as:

The lender seeking repayment from your cosigner.

• Difficulty obtaining credit for a car, house, or credit card.
• Wage garnishment, where your employer withholds payments from your paycheck.
• Legal action, resulting in collection and attorney fees on top of the loan balance.
• Private student loans being nearly impossible to discharge in bankruptcy.

Remember, student loans must be repaid even if you don’t graduate or secure a job after completing your education.

Private Loan lenders offer various interest rates and fees, so it’s important to consider the income you can realistically expect in your chosen career. Factors like your credit score, academic level, and whether you have a co-signer can also influence the rates and incentives you are offered.

Unlike fixed rates (e.g., 8% or 10%), private loans typically have variable interest rates tied to market indexes like the prime rate or treasury bill rates (e.g., 91-day or 13-week T-Bill). These rates fluctuate with the market, and lenders often add a set percentage, such as the 91-day T-Bill + 3.75%.

Interest rates on private loans can change quarterly or even monthly. The rate you have while in school might also differ from the rate you have during repayment. It's also important to ask how and when interest is capitalized—some lenders add unpaid interest to your principal balance quarterly, annually, or only once you start repayment. This can significantly affect the total amount you owe over time.

Private loan lenders may impose various fees. One common charge is an origination fee, applied when the loan is created. Additionally, lenders might assess another fee when repayment begins, which could be based on the original principal or the principal plus accrued interest. To fully understand the cost of a loan program, it’s essential to account for both the fees at disbursement and those at the start of repayment. Always ask your lender about these fees to avoid surprises.