Private education loans (also called private or alternative loans) are non-federal loans offered by banks, credit unions, and other private lenders. These loans can help cover remaining college costs when federal, state, and other financial aid do not fully meet your cost of attendance.
We strongly encourage you to complete the and borrow any available federal student loans before considering a private loan, as federal loans typically offer more flexible repayment options and borrower protections. Student loans are financial obligations that must be repaid. Pay careful attention to the terms and conditions of any loan you accept to help pay for school. Do not borrow more than you need or can repay comfortably after leaving school.
Private education loans differ from federal student loans in several important ways:
- Credit-based approval: Eligibility is based on creditworthiness rather than financial need. Most students will need a creditworthy cosigner to qualify.
- Interest rates: Interest rates may be fixed or variable and can vary by lender, credit history, and market conditions.
- Repayment options: Repayment terms and grace periods vary by lender and may begin while you are enrolled in school or after you leave school.
- Consolidation limitations: Private education loans cannot be consolidated with federal student loans.
- Borrower protections: Private education loans generally offer fewer borrower protections and repayment benefits than federal student loans.
Students may borrow up to the cost of attendance minus other financial aid received.
If you determine that a private loan is needed, you should carefully research and compare lenders. Be sure to review:
- Interest rates (fixed vs. variable)
- Repayment options
- Cosigner requirements and release options
- Deferment and forbearance benefits
Choosing a Lender
The 乱伦社区 cannot recommend specific lenders. Loan terms and borrower eligibility vary widely, and the best option depends on your individual financial situation
Additional resources, including loan comparisons and borrowing guidance, are available at
Application Process
Most private loans are applied online directly through the lender. Once you apply, the lender will request certification from our office to verify your enrollment and cost of attendance. If approved, funds are typically sent to the University for disbursement. If you receive a loan outside of this process, you must report the amount to our office. Failure to do this could cause an overpayment situation, and you may need to repay some or all the aid received.
Self-Certification Requirement
Federal regulations require most borrowers to complete a self-certification form before a private loan can be finalized. This form promotes informed borrowing by encouraging you to review your financial aid options.
The form is provided by your lender and requires information such as your cost of attendance and financial aid received (grants, scholarships, and federal loans). This information can be found in your MyUW account under 鈥淔inancial Aid Status.鈥� You will need:
- Total Budget
- Resources
- Total Aid Offered
If you have not completed a FAFSA or have questions, please contact our office.
Disbursement Timeline
Federal regulations require a three-business-day 鈥渞ight to cancel鈥� period after you receive your final loan disclosure. Funds cannot be disbursed until this period has passed. We recommend applying several weeks in advance to ensure timely payment of tuition and other expenses.