Private loans

  1. Admissions & Financial Aid
  2. Undergraduate
  3. Financial aid
  4. Student loans
  5. Private loans

Private student loans are credit-based loans offered by banks, credit unions and online lenders to help cover education costs not met by federal, state, institutional aid and scholarships. These loans are a crucial financial tool for students who need additional funding to cover the costs of their education when other financial aid is not enough or when they want different loan terms than what is offered by the government loan programs. 

Terms vary by lender and are based on your credit and income, and may require a cosigner. However, it is strongly encouraged that you submit the FAFSA in order to exhaust all free sources of aid, as well as federal loans, before borrowing private loans. Below are some key considerations to make when exploring private educational loans.

SA国际传媒's University cannot recommend a lender or lenders to you to use for your private loan. We don鈥檛 know the best deal for you, as lenders and terms of the loans change frequently and your credit score is unknown to us. We are happy to help you understand the private loan process, especially how it relates to your other financial aid, so please contact us if you have questions.

FastChoice provides students a place to compare interest rates, fees and other loan incentives between lenders. 

The Office of Financial Aid will certify a private loan from any lender, regardless of whether or not their lender is featured on FastChoice. 

Private Loan Process

1 - Confirm

Make sure you have completed the FAFSA, are borrowing your annual maximum in federal student loans, and that you have exhausted all other financing options first. Federal student loans carry fixed interest rates, payment deferment options, income-driven repayment and Public Service Loan Forgiveness eligibility. They are often more favorable than private loans (which are credit-based), often require a cosigner and may carry fewer protections.

2 - Research

Take time to learn more about the different lender options and any regulations associated with private loans. If you are having trouble choosing a lender, view the list of preferred lenders that we have compiled on FastChoice.

This list is created by a board of professional and is comprised of lenders that the board has deemed competitive. This list is reviewed biannually and lenders are added or removed based on criteria about historical data collected and information provided about specific loan products. Carefully review and compare the loan information on FastChoice, and apply with the lender that best suits your eligibility and needs. You may also use a lender that is not on the list.

3 - Apply

Apply online with the lender of your choice. You and/or your co-signer will receive the Application Disclosure Statement and the Self-Certification form that must be completed and returned to the lender.

4 - Respond

The lender with whom you and/or your co-signer applied, will conduct a pre-approval credit investigation and notify the applicant(s) as to approval or denial. If approved by a lender for a private loan, you and/or your co-signer will need to review the Master Promissory Note (MPN) for accuracy, sign and return to the lender. Most lenders offer an e-sign option online in place of the MPN.

5 - Finalize

Federal regulations require a three business day 鈥渞ight to cancel鈥 period, beginning after you receive your final loan disclosure from your lender. Lenders cannot release your first loan disbursement until after this time period has passed. This waiting period applies to most private education loans. We encourage students who are applying for a private education loan to do so several weeks in advance to ensure funds are received to pay tuition, housing, etc. by their respective due dates.

6 - Receive

The loan proceeds will be sent directly to SA国际传媒's and will be applied to your account to clear any balances. Any remaining funds will be refunded directly to the borrower.

7 - Repayment

All private loans require repayment. For repayment information, please contact your private loan lender directly.

Private Loan Regulations

Loan Disclosures

Under the new laws, a lender offering private loans for postsecondary educational expenses must first provide a disclosure about loan terms and features at the time of application and must disclose information about federal student loan programs that may offer less costly alternatives.

If the initial application reaches an approval status, a second loan disclosure statement must be provided to the student at that time. If a student accepts the loan terms provided in the second disclosure statement, a third final disclosure must be provided when the loan is consummated.

The lender must provide the student with a three (3) day 鈥渞ight-to-cancel鈥 period after the final loan disclosure form is sent to the student. This period means that once the school has certified your loan and it is ready to be disbursed, there is a mandatory three (3) business day waiting period before the lender may disburse loan funds to the school. If a lender only offers a mailed Final Disclosure (not online), then they must wait six (6) days to disburse the loan to the school (three (3) days for mail time and an additional three (3) day 鈥渞ight-to-cancel鈥 period).

Self-Certification

Federal regulations now require most private educational loan borrowers to complete a self-certification form prior to the loan being finalized. The self-certification form is intended to promote 鈥渋nformed borrowing鈥 by educating borrowers about financial aid availability and encouraging them to seek advice from the financial aid office about other forms of aid before taking out a private education loan.

You may obtain the self-certification form from your lender. This form requires you to obtain information regarding your cost of attendance and the amounts of financial aid assistance that you are receiving from other sources (such as grants, federal loans and scholarships). Each private lender may have a slightly different application process, so it is best to contact your private loan lender directly if you have any questions. 

Contact the Financial Aid Office