Private Loan Program

There may be instances where federal student aid is not sufficient to cover the cost of attendance or where a student is ineligible to receive federal student aid. Fortunately, there is an option of applying for a private loan. This loan is granted by a private bank as an alternative payment. You may apply online directly with the bank or by phone.
Below you will find general information regarding private loans:

  • Approval is based on the credit of the applicant and/or the cosigner.
  • Students and/or cosigners who apply must be permanent residents or US citizens.
  • International students must have a valid Social Security number or an Individual Tax Identification number (ITIN). Students can apply for an ITIN by completing a W-7 with the Internal Revenue Service (IRS).
  • For some loans, the student must be enrolled at least half-time and must be meeting the institutional Satisfactory Academic Progress requirements.
  • There may not be origination fees depending on the type of loan granted.
  • The annual maximum cannot exceed the cost of attendance minus any other financial aid received.
  • The interest depends on the loan type, the student and/or the co-signer. The interest rate can be variable or fixed.
  • Some banks may offer benefits such as reduced interest rates if the borrower enrolls in automatic payments from a checking or savings account.
  • The student may postpone payments while enrolled at least half-time.
  • Grace periods may be 6 to 9 months depending on the type of loan.

When applying, the student will generally need the following items, if requested by the bank:

  • Social Security Number, current address, and phone number of the applicant and/or the cosigner.
  • References – name, phone number, address, and relationship.
  • Employer information for the applicant and/or cosigner such as employer name, address, phone number, and length of employment
  • Information related to residence such as condition, landlord details, and monthly payment amounts
  • Loan amount needed.

Some recognized lenders include but are not limited to:

Sallie Mae Logo
Smart Option Student Loan

Student Loan

Private Student Loan
  • Zero origination costs.
  • Option to defer payments while studying.
  • Maximum loan will be the annual cost of attendance, less other aid certified by the Institution.
  • Funds are sent to the institution.
  • Must be an American or foreign citizen with permanent residence.
  • Complete the Free Application for Federal Student Aid (FAFSA) if required by your institution.
  • Must be enrolled at least half-time.


  1. The student will be fully responsible for the application process, loan processing and monitoring. The university certifies only the information that is requested by the bank and reimburses the excess as applicable.
  2. The student loan will only be processed for the amount owed to the institution, regardless of approval amount. If the student requires a larger amount, they must speak with the financial aid office.
  3. Any questions concerning the type of loan, benefits, status of application, reason for denial, how to submit payments, etc., should be communicated directly to the Bank/Lender.
  4. The Financial Aid Office reports enrollment status and academic progress to the bank/lender.
  5. If the loan is approved, the student must notify the Financial Aid office to proceed with evaluating and certifying the application/loan.