Private education loans, also called alternative or non-federal education loans) may be available to students who do not qualify for federal loans, such as international students, or to students who wish to borrow private loans in lieu of or in combination with federal loans. International students who apply for private loans generally must have a cosigner who is a US citizen or permanent resident of the U.S.
Apply for Private Education Loans
Eligibility and Enrollment Requirements
Total financial aid from all sources, including loans, must not exceed the published cost of attendance and the school must certify your eligibility. Private loans are unavailable for periods of non-enrollment regardless of student account charges. Students and//or cosigners must meet all lender credit and other eligibility requirements in order to qualify.
Consider Benefits of Federal Loans Before Opting for a Private Loan
U.S. students should understand all the benefits of borrowing federal loans before opting to borrow a private education loan. These benefits may include such things an unemployment and economic hardship deferments, death and disability benefits, hardship forbearance, loan cancellation for certain public service employment, liberal repayment options such as graduated repayment, income-based repayment, etc. See https://studentaid.ed.gov/repay-loans for more information about federal loan benefits.
The private loan application process takes several weeks to complete. Students are advised to expect approximately 6 weeks for the private loan process. The loan application process is a proactive process between you and your lender so borrowers should keep in close contact with their lender to make sure that the application process is progressing as expected. Please note that the school does not take action on your private loan until you and/or your lender complete Steps 1-6 and subsequently you submit a Loan Processing Form (Step 7).
Students may borrow from any lender they wish without consequences (even lenders not list on our historical lender list).
Lender Relationship Code of Conduct (pdf)