Private Loans

Need To Know

1. Disclosure forms – Lenders must provide required disclosures to the student and cosigner, if applicable, at three different times during the private loan origination process:

  • Application and Solicitation Disclosure – Provided during the online loan application process or via mail included with the Promissory note.
  • Approval Disclosure – Provided after the loan is approved and the lender has received the promissory note, the Application and Solicitation Disclosure, the Private Education Loan Applicant Self-Certification Form, and the school certification. The applicant and any cosigner have 30 days to return the approval disclosure.
  • Final Disclosure – Provided after the lender receives the Approval Disclosure from the borrower and any cosigner, indicating that the loan has been accepted by the student and cosigner, if applicable. The loan will not disburse until at least 2 business days after this disclosure is received by the borrower and any cosigner.

2. Private Education Loan Applicant Self-Certification Form – requires information on your cost of attendance, as determined by the school you attend. Please refer to our cost of attendance chart for 2020-2021. A credit-approved student borrower must submit a completed Private Education Loan Applicant Self-Certification form to the lender before school certification will be requested.

3. Timing Requirements – Federal regulations extend the loan processing timeline so meeting deadlines for specific steps will be critical to the successful and timely disbursement of your loan funds. Private loan requests from lenders who do not use Education Loan Management Resources (ELM) to electronically certify and disburse private loans will have a processing time frame of 4-6 weeks. Please contact your private loan lender to verify if they certify and disburse loans through ELM in order for you to plan accordingly.