Unlike federal student loan programs, private educational loans are specialized education loans made by a private lender with eligibility based on your credit history and income.  Because these loans carry no federal guarantee, they should only be considered after your eligibility for scholarships, grants, and federal loans (Direct Student and PLUS) have been fully exhausted.

Lenders typically give more favorable loan terms for better credit history. Most lenders also require cosigners which could also help you qualify for better loan terms. Students are advised to compare loan programs carefully before choosing a lender. Interest rates, fees, and other provisions of these programs are subject to change by the lender. Contact the lenders directly for detailed information on individual loan products.

Private Education Loan - Self Certification Form

As part of new federal regulations, private educational loan borrowers are now required to complete, sign and return an Applicant Self-Certification form to their lender before loan funds can be disbursed.  This form is intended to promote informed borrowing and will give you information about financial aid as well as provide your lender with information about your educational expenses and other aid.  You should receive this form as part of your application packet when applying for a private educational loan.  If you should need a copy of this form, you may contact your lender or our office.   Please note that the Applicant Self-Certification form does not replace school certification of your private educational loan.

The Applicant Self-Certification form requests personal information from the borrower as well as your cost of attendance for the period of enrollment covered by the loan and estimated financial assistance.  The form then requests that you deduct your estimated financial aid from the estimated cost of attendance, which will give you an estimated loan amount.

To help you complete your Self Certification form we are providing you with the following information that will serve as a guide. 

To Complete Item A of Section 2 - Student's Cost of Attendance for the Period Covered by the Loan

Locate your residency and housing status and use the amount in the appropriate box.  

These amounts are for the entire year and are updated annually. If you are requesting a loan for one term, divide these numbers in half.

To Complete Item B of Section 2 - Student's Cost of Attendance for the Period Covered by the Loan

To determine your estimated financial assistance log onto VIP.  Click on Financial from the menu in the top left hand corner, and then click on Show Me Financial Aid Awards beneath the Financial Aid section of the Financial Menu. 

You will then add together all of your financial aid awards, which will give you your estimated financial aid.  If you are not receiving any financial assistance for the time period covered by the loan, enter zero in this item.

To Complete Item C of Section 2

Subtract item B from item A and this is an estimation of how much loan assistance you may be eligible to receive.  Enter this amount in item C.

If you have been offered a Private Educational Loan and would like more information regarding the terms and the application click here.