Private Loans

Private Loans are for students looking to bridge the gap in funding their college education. Private loans are offered through private lenders and may cost more than loans offered through federal aid. While private loans are an option for funding your education, it is in your best interest to get as much information as possible about your financing options before signing loan documents. The timeline for processing private loans can vary greatly, taking anywhere from three to eight weeks.

The Financial Aid and Scholarship Office is prohibited by the Department of Education to provide you with information about private loan lenders. If you need information about which type of private loan might fit your needs, visit the private loans section of www.finaid.org. This website offers comprehensive information about the different types of private loans that may be right for you, current interest rates and a list of available lenders. The U.S. government's Federal Student Aid website provides a comparison between federal and private loans that might help you decide if a private loan is the right choice for you.

The following factors may be required when applying for a private loan (subject to lenders discretion):

• Enrollment Status: Half time enrollment. (six hours for undergraduate or law; 4.5 hours for graduate)
• Satisfactory Academic Progress
• Borrowing for Prior Terms
• Special Criteria: (e.g, graduate standing or a particular major)
• Degree-seeking/Certificate-seeking
• Citizenship/Residency Status
• Co-signer

Your cost of attendance (COA) can be viewed on your MyNIU Campus Finances page. Our office will process a private loan; however, we will not certify private loans for an amount that exceeds the COA minus other financial aid. We strongly suggest you should consider only borrowing what you need.