Private educational loans help bridge the gap between the actual cost of attendance and other financial aid that the student may receive.

Private educational loans are offered by private lenders; however, it is recommended that the Free Application for Federal Student Aid (FAFSA) be filed to determine eligibility for federal loan programs before accepting private educational loans. Consider Federal Direct Loans first!

• Each lender/loan may have different eligibility requirements and terms (repayment, interest rate, etc.).
• Eligibility for private educational loans often depends on a borrower's credit score and application, and/or credit worthiness of the student's co-signer.
• Private educational loans require a school certification. Certification requests are sent to Arizona via ELM only after the credit check has been approved.
• The University of Arizona is required by law to ensure the sum of private educational loans and other financial aid does not exceed your cost of attendance. If this total exceeds your cost of attendance, your loan may not be certified for the full requested amount, and/or a portion of your loan funds may be returned to your lender

Private loans will pay any charge on a student's account, including prior-term charges in some instances. 

1. File the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for aid such as federal work study, scholarships, grants, or any other funds that you do not have to repay.
2. Consider Federal Direct Student Loans offered first, they have fixed interest rates and various repayment options. The FAFSA must be filed to be considered for Federal Direct Student Loans.
3. Compare your private loan options with guaranteed Federal Direct Student Loans. Give yourself time to carefully consider carefully how you want to borrow. You should review and compare loan options for the next academic year, no later than May of each year.
4. Based on the cost of attendance determined by your school, determine the amount you can borrow.

• See your financial aid offer on your UAccess Student Center.
• Consider a conservative amount in order to minimize your loan debt.
• Academic year (fall/spring) loan amounts will be divided into two equal disbursements. Private educational loan amounts must be requested for the entire period in which you are enrolled.
• Research lenders/private educational loans.

    5. Apply for a private educational loan directly with your lender of choice.

• Complete an application via the lender's website. If you choose to apply with several lenders, complete all of your applications within a 30-day period so as to not adversely affect your credit score.
• When you are applying, the lender will ask you for the loan period. Use the loan period listed below.
• Once the University of Arizona has certified your loan for a specific amount, any increase in your loan amount MUST be in the form of a new Private Loan Application with your lender. We will not honor an increase in a private loan after school certification.

A Private Educational Loan Application Self-Certification form must be submitted to your lender before the loan can be processed. Information from your Arizona financial aid offer will be needed to answer the lender's questions regarding your cost of attendance and other financial aid information. 

    6.  Monitor your UAccess Student Center and CatMail for information regarding your private educational loan.

• The lender will send Arizona an electronic request for school certification. University/lender protocol is for the lender to send Arizona a certification request after the borrower has completed all requirements and self-certifications and passed the credit check.
• Regulations require lenders to delay your disbursement for six to ten business days after your final acceptance of the loan terms and conditions.
• Academic year loan amounts will be divided into two equal disbursements. Private educational loan amounts must be requested for the entire period in which you are enrolled.

Regarding Interest Rates

• What is the interest rate? Is the interest rate fixed or variable?    
• Would having a co-signer lower the interest rate?
• Is there a co-signer release option?
• How often is interest added (capitalized) to the principal loan amount?

Regarding Repayment

• Can payments be deferred while in school?
• Are there any pre-payment fees?

Regarding Lender Policies

• Does the lender offer Electronic Fund Transfer (EFT)?
• Can I apply for a private loan to pay past-due charges?
• Can I apply for a private loan after the term has ended? How long after?

Students can select a private lender of their choice, even if the lender does not appear on this list. Lenders are selected for the list based on their history of approving loans for Arizona students, our objective of having more than six competitive lenders, and a review of the lender's official Request for Information (RFI). Lender names are randomly placed on the list. The order in which lenders appear on the list does not imply a preference by the University of Arizona.