Private Loans
Students may borrow private student loans if they have received the maximum in their Federal Direct Loans. Please note that once you have completed the loan application from the lender, approved loans will take up to 15 business days or more for processing. To apply for a private student loan, click the following link: http://beta.elmselect.com/link/query?schoolid=356
Eligibility criteria varies by the lender. Student must check the eligibility criteria with the lender before they apply. Some criteria that affects private loans is:
We highly recommend you complete the Free Application for Federal Student Aid (FAFSA) and apply for any student financial aid for which you are eligible. Private loans should only be considered after state and federal sources of financial aid have been utilized. Undergraduate dependent students may have their parent review the Federal Direct Parent PLUS loan information, before opting for a private loan.
Students and parents must contact the lender directly for specific terms and conditions of the loans. We are listing some general information for your reference:
Keep in mind, a private loan is an agreement between the borrower and the lender. The borrower is responsible for carefully managing his/her educational loans. Many lenders offer online account management tools to allow the borrower to check their loan status, view disbursement information, and monitor loan balances.
**The federal government requires that you be officially accepted and enrolled in a degree-granting program (i.e., "matriculated") in order to receive financial aid (such as a Federal Direct Loan); however, some private lending institutions do not require matriculation for loan eligibility.